Category 1
A mixed economy is a combination of __________and ___________economies. (Fill in the blank)
command, market
When you make a decision between two choices, the values of the option you did not pick is called (what)
opportunity cost
________(Fill in the blank)____________is a situation in which the amount of a good or service supplied by producers is greater than the amount demanded by consumer (Hint: supply>demand)
Surplus
The price set for a good or service in the marketplace where demand/supply are perfectly balanced is called ?
Equilibrium
_________ ___________ regulations that encourage competition by limiting the market power of any particular firm. (Fill in the blank)
Ani-Trust Law
___________ ___________ is the desire for financial gain as an incentive in economic activity. (Fill in the blank)
Profit Motive
Someone who buys a good or service
consumer
The__________ amendment protects due process for property rights. (Fill in the blank)
5th
_______________ efforts by different businesses to sell the same good or service available is less than the demand for it. (Hint: Demand>Supply)
(Fill in the blank)
Competition
Any word, phrase, symbol, design, or a combination of these things that identifies your goods or services is called?
Trademark
What are one of the four types of economic market(s):
perfect competition monopolistic
Oligopoly monopoly
A person or business that provides good or services
producer
How the government uses taxes and spending to reach economic goals is called what?
Fiscal policy
______________ tax is a tax on a person's assets after death. (Fill in the blank)
Estate
Granting the holder permission to do something is called?
Licensing
Individual choice is an example of which economies?
Market
The four rights of a property owner are:
Name one
possession
enjoyment
control
exclusive
Native Americans is an example of what market?
Traditional
______________ tax is a tax on a person's assets after death. (Fill in the blank)
Cyclical
________ ___________ _______ safeguard purchasers against defective products and deceptive, fraudulent business practices. (Fill in the blank)
Consumer Protection Act
The United States of America is an example of this particular economies?
Mixed Economy
What does GDP stands for______ ________ _________.
Gross domestic product
The_______________ rate is the percentage of people in the civilian labor force who are not working but are looking for a job? (Fill in blank)
Unemployment
__________________ taxes, also known as "Sin Taxes" are a unique form of sales tax imposed on a specific good or activity. (ex. cigarettes, cigars, snuff, chewing tobacco, pipe tobacco, and roll-your-own tobacco (Fill in the blank)
Excise
Persistent high inflation combined with high unemployment and lowered demand is called?
Stagflation