Intro to Econ
These are the four Factors of Production
What are Land, Labor, Capital, and Entrepreneurs?
This type of business is best for an LLC
What is a dangerous business?
A town creating new environmental laws because of pollution is this type of externality.
What is a positive externality?
This is the difference between progressive and proportional taxes.
What is "one changes based on income, the other stays the same"
These are the four phases of the business cycle.
What are Peak, contraction, trough, expansion?
In command economies, this answers for who to produce.
What is the government or one person/group?
It is easy for investors to leave this type of business organization
What is a corporation?
These are the four characteristics of money
What are Divisible, portable, durable, and scarce?
These are the three ways to secure a loan.
What are collateral, cosigners, and deposits?
This is the definition of supply
How much is produced at various prices
In Free Market economies, this answers what to produce.
What are consumers?
This is a way to classify firms in the same market
What are market structures?
Lenders and those on fixed incomes would be severely hurt if this happens.
What is Inflation?
What is a numerical way to see if someone is risky to lend to?
Equilibrium price is found by doing this.
What is finding where quantity supplied and demanded are the same?
These two types of economies are most similar.
What are mixed and free economies?
This market structure focuses on a few businesses controlling a large portion of a market
What is an Oligopoly
This is why the federal reserve is "privately owned, publicly run".
Banks put money into it, the government runs it
If something bad happens, your money is still secure
This is the definition of economic freedom.
What is being able to do what you want, without fear of not having enough money?
This is what's represented on a Production Possibilities Curve
What is the opportunity cost of making two things?
This is how Categories of Labor establishes wages
What is the level of skill your job requires?
These are the three uses of money
What are Storing value, measuring value, and being universally used?
These are two ways to lower an insurance premium.
This is the best way to do your taxes AND what you should do if you can't pay a loan. (two questions!)