Fundamentals of Economics
The "Father of Economics" who wrote the book The Wealth of Nations in 1776.
What is Adam Smith?
Higher exchange rates for a country will cause imports and exports to do.
What is imports to rise and exports to fall?
The Seven goals of the economy.
What are full employment, economic freedom, economic security, economic efficiency and economic equity?
What is a floating exchange rate?
The money you pay for borrowing.
What is interest?
He established the philosophy known as demand-side economics.
Who is John Maynard Keynes?
The most competitive market structure in which only supply and demand determine price.
What is perfect competition?
Business owned and controlled by one individual.
What is a sole proprietorship?
The largest federal tax?
What is federal income tax?
The original cost of a loan.
What is interest?
He believed the government should actively control the money supply.
Who is Milton Freidman?
The type of competition when a few firms dominate the market.
What is oligopolistic competition?
Business owned by several people but can still have unlimited liability.
What is a partnership?
The money coming into the government is called.
What is revenue?
The interest plus fees are called.
What is the APR?
The Five Benefits of the Free Enterprise system.
What are individual freedom, variety of goods, responsive prices, investment opportunities and wealth creation?
Market structure when you have only one seller of a product and is no longer legal today.
What is a monopoly?
An artificial person that has the rights and responsibilities of a real person.
What is a corporation?
When the government spends more than it collects in taxes.
What is deficit spending?
The loan for purchasing a home is called.
What is a mortgage?
He believed there should be limited government intervention in the economy.
Who is Friedrich Hayek?
Market structure that you would find restaurants and clothing stores.
What is monopolistic competition?
The number of people that are actively seeking employment.
What is the unemployment rate?
The government controls the economy by raising or lowering taxes and government spending.
What is fiscal policy?
The amount of money you have to pay before the insurance pays.
What is the deductable?