Economic Systems
This is the economic system of the United States
Mixed
Demand
Business owned by one person who takes all the risk
Proprietorship
Main tax revenue for Federal government
Income
Tim buys a CD instead of a shirt. What is his opportunity cost?
The shirt
This type of economic system has government ownership of production
Command
Amount of a good that producers are willing to sell
Supply
Business model that acts as a legal entity.
Corporation
Government agency that regulates the US money supply
Federal Reserve
What is the first step in career planning?
Self-assessment
This type of economic system contains profit motive, individual choice, and private property.
Free Market
What do supply and demand determine?
Price
Products, Income
Government agency that monitors the stock market
SEC (Securities and Exchanges Commission)
What type of card is connected to a bank account?
Debit
This economic system is based on custom
Traditional
What is it called where supply and demand meet?
Equilibrium price
Business model where two or more people share the risk and reward.
Partnership
Name two goods or services provided by the government
Education, Military, Roads, etc.
What is the combination of a person's education, skill, experience, and training called?
Human Capital
Name three characteristics of the US economic system.
Name three things that can change demand besides price.
Population, taste, complimentary goods, substitute goods, Income
The person who takes a risk and introduces a new product to the market
Entrepreneur
Name two ways the federal government pays for public goods and services.
Taxes, fines, fees, borrow money
What technology has changed marketplaces and the global economy the most?
Internet