Principles & U.S Economy
The inability to satisfy all wants at the same time.
What is scarcity?
This is a type of business that acts as a legal entity regardless of the number of owners.
What is a corporation?
This entity provides certain goods and services that individuals and businesses acting alone cannot provide efficiently.
What is the government?
The point where the supply and demand curve intersect; both buyers and sellers are happy with the price.
What is equilibrium price?
This sets the price of items in the marketplace.
In the United States economy, this principle means people can own land, homes, or businesses and decide how to use or sell them.
What is private property?
A person who takes a risk to produce and sell goods and services in search of profit.
What is an entrepreneur?
This federal agency protects laborers by ensuring that the workplace and work practices are safe.
What is the Occupational Safety and Health Administration (OSHA)?
Rivalry between two producers of a good or service.
What is "competition"?
What is decreases?
In this economic system, both private individuals and the government make decisions about buying, selling, and producing goods.
What is a mixed economy?
An economic system in which decisions are based on customs and historical precedent.
What is a traditional economy?
This agency protects public health by ensuring the safety of food and prescriptions.
What is the Food and Drug Administration?
These are the three types of money used in the United States.
What are coins, currency, and deposits?
Law of Supply states that if producers can sell an item for a higher price, the producer will produce _____ of that item.
What is more?
Worldwide markets in which the buying and selling of goods and services by all nations takes place.
What is the global economy?
This regulatory federal agency protects citizens from environmental hazards that could be created by a factory or businesses.
What is the Environmental Protection Agency/EPA?
These are the four types of resources that go into the production of goods and services.
What are natural, human, capital and entrepreneurship?
The amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period is...
What is supply?
In the United States economy, this principle means the government has only a restricted role in economic decisions, allowing individuals and businesses to make most choices about production and trade.
What is limited government?
One advantage of the U.S. trading with other ________ is that we are able to purchase goods at lower costs.
What is "nations" or "countries"?
This is our nation’s central bank.
What is the federal reserve?
Banks and credit unions are examples of _____ financial institutions.
What is "private"?
If producers have to keep lowering the price of the product, what is the problem?
What is demand?