Scarcity
The basic economic problem of all things is the existence of...
Limited resources and unlimited wants
For voluntary exchange to occur, the buyer and seller must
A shift of the supply curve to the left does what to demand at every price level?
The best stock portfolios are..
Diversified!
What age can you withdraw funds from your IRA without being penalized?
59 1/2!
When an oven is used to cook pizzas at Pizza Hut, the oven is a:
Capital Good
All Economies today are
Mixed!
What is the main form of communication between producers and consumers in the free-enterprise market?
Over the last week 100,000 Tesla batteries started on fire. As a result, 50 people have died. What is going to happen to Tela's stock?
It will decline.
There are two main parts of a mortgage. What are they?
Principal and Interest
Specialization increases productivity because the workers..
gain expertise in their assigned task
In the Circular flow model, there are two markets. What are they?
The Product Market & The Factor Market.
What is the point on the supply & demand curve when quantity demanded and quantity supplied equal the same price?
Equilibrium point.
What is the first thing you should do if you are interested in a specific stock?
Do your research on the company
Interest earned on not only the principal, but also previous interest earned is called...
Compounding Interest.
The ability to fulfill one's needs and wants without assistance is called
Self-Sufficiency
In which Market are the firms buyers and the households sellers?
Factor Market
When a change in a good's price has little to no impact on the amount supplied, the supply is...
Inelastic.
The S&P 500 and the DOW 30 are considered..
Stock Indexes
What is PMI & how do you avoid it?
Private Mortgage Insurance & pay off at least 18% of the principal of your mortgage.
A production possibilities curve illustrates..
Combinations of two goods or services that can be produced with the amount of resources available.
In the Circular Flow Model, the role of households and firms depends on...
Which market they are in.
If substitutes are ready available for a product, it has what type of elasticity?
Elastic Demand.
The profit that a company pays its shareholders is called
When does a Roth IRA tax your income?
Before it is deposited in your IRA account. (POST-TAX dollars)