General Econ
The study of how goods and services are produced, distributed and consumed is
Economics
If you're producing products on the on the Production Possibilities Frontier Curve you are operating
Efficiently
Consumers are protected from unsafe food and drugs by the
FDA
An associates degree usually takes _________ years to complete.
2, two
Unsafe conditions prompted 19th Century Workers to form
Unions
What is the basic economic problem?
Scarcity
The simplest form of trade is
Barter(ing)
High Demand often results in high
prices
Federal Income Tax is paid by all
US workers, citizen workers, everyone
The world's largest stock exchange is in
NY, New York, NYC
This is a process that allows humans to overcome a scarcity of resources?
Trade
Joseph Stalin imposed this form of economy.
Command
When something is over supplied (surplus) the price should go
down (decrease)
Some states do not collect which taxes? Pick 1
Sales, Income
Coke and Pepsi are considered to be
competition, competitors, competing products
A tangible (touchable) product is called a
Good
A single or sole proprietorship is owned by
1 person
Fidget spinners in 2018 were in high
Demand
The largest portion of one's budget usually goes towards
housing, rent, mortgage
A share of a company is called a _________
stock
A haircut is considered a
Service
Adam Smith wrote The Wealth of Nations. This book supported his belief in
Capitalism
Supply and Demand meet at the point of
Equilibrium
The Federal Income Tax is considered to be this type of tax.
Progressive
The general rise in prices of goods and services is called _________________
Inflation