ce.11
The inability to satisfy all wants at the same time.
What is scarcity?
Public schools, public libraries, and the post office are examples of this.
What are public goods?
The Federal Reserve.
What is the central bank of the United States?
Money earned from work or investments.
Sole-Proprietorship.
What is a single owner of a business who assumes all risk--all debt and earns all profit?
Opportunity Cost
What is the best next alternative given up when a choice is made?
Governments collect this in order to be able to provide public goods.
What are taxes?
A monopoly.
What is when one company or person is the only seller of a specific product or service?
A number that represents a person's creditworthiness.
What is a credit score?
This is important to manage when planning income and expenses.
What is a budget?
Characteristics include having private ownership, competition, profit motive, and consumer choice.
What is a free market economy?
Governments enforce these to ensure fairness and trust in economic transactions.
What are contracts?
This federal agency protects customers from unfair businesses practices.
What is the Federal Trade Commission (FTC)?
A fiscally responsible person.
What is someone who makes careful spending decisions, saves, invests, and uses credit wisely?
When the Federal Reserve decreases interest rates.
What is borrowing increases, spending may rise?
The four types of economics resources.
What are natural, human, capital resources and entrepreneurship?
These three things flow continuously between households, businesses, and the government.
What are resources, goods & services, and money?
The three different types of money.
What are cash, deposits, and digital payments?
The impact on wages that jobs with high demand but little supply have.
What is paying higher wages?
The four types of economies.
What is traditional, command, mixed, and free-market?
Determines price in a market economy.
What is interaction of supply and demand?
The regulation of the money supply and interest rates.
What is monetary policy?
The main source of revenue for the federal government.
What are income taxes?
The type of assessment recommended for career planning.
What is self-assessment?
Creates new jobs and can eliminate existing jobs.
What is technology?