Terms
We have unlimited wants, but our resources are limited.
What is scarcity?
The United States has this type of economic system.
What is mixed economy?
The main source of revenue for the federal government.
What are income taxes?
Includes making careful spending decisions, saving and investing for the future, and using credit wisely.
What is being fiscally (financially) responsible?
Earnings after all expenses have been paid.
What is profit?
The point where supply and demand meet.
Economic decisions are based on custom and historical precedent.
What is traditional economy?
Worldwide markets in which the buying and selling of goods and services by all individuals, nations, and businesses takes place.
What is the global economy?
Career planning starts with ___________________.
A tax levied on land and buildings. This tax can also be placed on personal property.
What is a property tax?
Consumers will buy more of a good or service at lower prices and less at higher prices.
What is Law of Demand?
Economic system where the government has central ownership of property and resources; there is a lack of consumer choice.
What is command economy?
Regulations communications by media companies over the radio, television, and the internet.
What is the Federal Communications Commission (FCC)?
Higher skill and/or education level can led to this.
What is higher income?
Exists whenever buyers and sellers exchange goods and services.
What is a market?
A business organization that is authorized by law to act as a legal entity regardless of the number of owners.
What is a corporation?
Economic system where individuals and businesses are owners of the private sector and the government is owner of the public sector.
What is mixed economy?
This consumer agency approves new medicines for consumption.
What is the Food and Drug Administration (FDA)?
The combination of a person's education, knowledge, skill, experience, health, training, and talent.
What is human capital?
The three types of currency in the United States.
What are coins, currency, and deposits?
What is free-enterprise?
The three basic questions of economics.
What will be produced? How will it be produced? For whom it will be produced?
Governments use tax revenue from households and businesses to provide this.
What are public goods and services?
Innovations in this contribute to the global flow of information, capital, goods and services.
What is technology?
The Federal Reserve influences the money supply and _________________ in the economy to keep inflation low and stable.
What are interest rates?