Money Matters
This institution is responsible for minting and producing U.S. money.
U.S. Treasury
a business owned by one person
sole proprietorship
the amount of a product people are willing to buy at a given price
demand
who is the father of Communism
Karl Marx
the study of how people, businesses, and governments make choices
economics
This government institution serves as the central bank of the United States
Federal Reserve Banks
a business owned by two or more people
partnership
the amount of goods and services businesses are willing and able to provide
supply
this economist defined wealth as items that provide utility
adam smith
the total dollar value of all final goods and services produced by a nation in one year
Anything commonly accepted in payment for goods and services is called this
Money
this type of business is legally separate from its owners and stockholders
corporation
this law states that lower prices generally lead to greater quantities demanded
law of demand
this book of the Bible contains many principles about personal finance and wisdom
Proverbs
the four factors of production
land, labor, capital, and entrepreneurship
These are the three major functions of money
means of payment, measure of value and store of purchasing power
a tax placed on imported goods
tariffs
this law states that producers will generally supply more when prices rise
law of supply
this concept means responsibly managing resources entrusted to your care
stewardship
a sustained increase in the average level caused by an overexpansion of the money supply
inflation
indivisibility
these financial institutions accept deposits and make loans
commercial banks
an excess of unsold products because the price is above equilibrium
surplus
the basic human condition that people always desire more goods and experiences
unlimited wants
this trade agreement eliminated many barriers between the US, Canada, and Mexico
NAFTA