Vocabulary Challenge
This term describes any tangible item with a measurable life span.
good
This occurs when the price is set below market equilibrium and not enough of a product is available.
shortages
This business type offers its owner complete control but also complete responsibility.
sole proprietorship
This federal agency collects taxes and enforces tax laws.
Internal Revenue Service (IRS)
This book of the Bible contains many practical lessons about wisdom and money management.
Proverbs
Items purchased primarily for personal use are called these.
consumer goods
This occurs when the price is above market equilibrium, leaving excess products unsold.
surplus
This type of business shares ownership among two or more people.
partnership
This institution acts as the central bank of the United States.
Federal Reserve Banks
This principle means carefully managing resources that God has entrusted to you.
stewardship
Items used to produce other goods and services are called these.
capital goods
This chart lists the quantities suppliers are willing to produce at various prices.
supply schedule
Owners of this type of business are called stockholders.
corporation
This government department manufactures coins and paper currency.
U.S. Treasury
This basic human condition explains why people are never completely satisfied and always want more.
unlimited wants
Goods and services that have a positive economic cost fall into these two categories.
economic goods and economic services
According to this principle, each additional slice of pizza usually provides less satisfaction than the previous one.
law of diminishing marginal utility
Name the four factor costs that correspond to the four factors of production.
rent, wages, interest, and profit
This international agreement reduced trade barriers between the United States, Canada, and Mexico.
NAFTA
The four factors of production are land, labor, entrepreneurship, and this.
capital
A commonly valued good that can serve as a medium of exchange is known by this term.
commodity
The value people place on a good or service is known as this.
economic cost
This is the major advantage shared by corporations and LLCs that protects owners from personal financial loss.
limited liability
This tax is placed specifically on imported products.
tariff
These are the four major economic objectives of society.
low unemployment, stable prices, economic growth, and fair distribution of income