Economic Systems
What economic system has both people deciding what to buy and sell with some government involvement?
Mixed Economy
What is the term for someone who gets a good or service?
Consumer
What is the term for when one company controls an entire industry?
Monopoly
Yvonne buys gloves that cost $10. At the register, she must pay $10.80. What is the additional .80 cents?
Sales tax
Mixed
Which economic system is based on people being able to buy and sell what they want?
Market Economy
What are the two benefits of competition?
Better goods and services; fair prices
The Government used the Sherman anti trust law to break up the Standard Oil Company's monopoly on oil. What is the government protecting?
Competition
What is the term for taxes paid on land owned?
Property Tax
What is the term for the study of how people choose to use their limited resources to satisfy their unlimited wants?
Economics
In which type of economic system do individuals not have a say in what is produced and how much it costs?
Command Economy
Because of a new trend, everyone wants a Owala water bottle. Owala cannot make enough to keep up with the high demand. What will happen to the price of a Owala water bottle?
The price will go up
What two things does the government protect by getting involved in the economy?
Competition and consumers
What is the name for a tax on imported goods?
Tariff
What might happen to prices if a company has to pay excise tax?
Prices go up.
Which economic system is based on what people have done in the past?
Traditional
What is the term for the benefit you give up by choosing one thing over another?
Opportunity Cost
The Fair Packaging and Labeling Act requires labels that include the contents, where it was packaged and by whom? What is the government protecting?
Consumer
What is the name for a tax paid by the seller of the product?
Excise Tax
What type of economic system discourages innovation and improvements?
Traditional
What are the three important decisions that must be made by an economic system?
WHAT is produced
HOW to produce
WHO gets the goods and services
What happens to the value of money when there is inflation?
the value of money will decrease
Anti Trust Laws
What day each year are taxes due?
April 15
What is the name for the agency that makes sure all of your food and medicine is safe?
Food and Drug Administration