Billy fails his math test because he spent the whole night playing video games. The C he could have received instead of playing video games represents his
What is opportunity cost
100
The government creates this to show an example of what they spend on
What is the national budget
100
insurance that pays for potential damage to your vehicle is known as
What is auto insurance
100
This factor affects the consumer in relation to how much they can spend
What is consumer income
100
A small business owned by an entrepreneur with a basic setup is known as
What is a sole proprietorship
200
Deciding that we should pay on the military instead of healthcare is an example of
What is a trade-off
200
The government raises money through raising taxes, one of which is
What is the income tax
200
Insurance that pays for potential surgeries or even doctor visits is known as
What is health care
200
This factor is related to the desires and interest of a consumer to buy a particular product
What is consumer taste
200
An organizational structure in which the main purpose is not for making money but rather providing low cost benefits is known as
What is a non-profit
300
The education you receive in school is a way that you are increasing you
What is human capital
300
Spending on science and education is an example of what in the budget
What is discretionary spending
300
The cost of borrowing most
What is interest
300
The cost of these can often affect how much a supplier can produce
What are inputs
300
A job which entails little formal education and training and is very entry level is considered
What is semi-skilled
400
An economic system in which the government plays a smaller role in things like prices is
What is a free market economy
400
Social Security and Medicare, would be an example of what categorial spending in the national budget
What is mandatory spending
400
If you face hardship in life, the government has provided such programs like welfare and food stamps which act as
What are safety nets
400
The ___ of product is determined by the equilibrium of supply and demand
What is price
400
An organized group of workers from the same company or industry that fights for rights, collectively is
What is a labor union
500
An economy that mixes both strong government principles and free market ideas is known as
What is a mixed economy
500
Interest on the debt falls in this category of spending
What is mandatory spending
500
The government provides some resources for everyone, these are shared
What are public goods
500
When producers cannot produce enough to meet demand this is called a
What is shortage
500
The interactions between people at the workplace often leads to discrimination or other behaviors that prevent women and minorities from advancing in salary