Basic Economic Principals
Economic Systems
Business Organizations
Personal Finance
ANYTHING GOES
100
WHAT IS THE FUNDAMENTAL PROBLEM IN ECONOMICS?
What is SCARCITY
100
AN ECONOMY IN WHICH CONSUMERS AND PRIVATELY OWNED BUSINESSES MAKE THE MAJORITY OF BASIC ECONOMIC DECISIONS.
What is FREE ENTERPRISE SYSTEM (FREE MARKET)
100
A GOVERNMENT DOCUMENT GRANTING PERMISSION TO CREATE A CORPORATION.
What is CHARTER
100
THIS NUMBER DETERMINES WHETHER YOU QUALIFY FOR A LOAN AND WHAT INTEREST YOU WILL PAY.
What is CREDIT SCORE
100
IF YOU DRIVE APPROXIMATELY 15,000 MILES A YEAR AND ARE NEAT, THIS METHOD OF RENTING A CAR MIGHT BE RIGHT FOR YOU
What is LEASE
200
SOMETHING THAT HAS WORTH AND IS EXPRESSED IN DOLLARS AND CENTS
What is VALUE
200
A FATHER TEACHES HIS SON TO CLEAR LAND FOR CROPS IN THIS TYPE OF ECONOMY
What is A TRADITIONAL ECONOMY
200
LARGE COMPANIES SUCH AS FORD, MICROSOFT, PHILIP MORRIS, AND NIKE SELL ________ TO RAISE REVENUE FOR NEW TECHNOLOGY AND TO REINVEST IN THE BUSINESS.
What is STOCKS
200
TYPE OF BUYING WHEN YOU PURCHASE AN ITEM ON THE SPOT
What is IMPULSE BUYING
200
ONE REASON A PERSON SHOULD BUY A CAR
What is DRIVE MORE THAN 15,000 MILES A YEAR, DRIVES LESS THAN 10,000 MILES PER YEAR, MESSY, CHILDREN, INVESTMENT PURPOSES
300
PROVIDES BOTH SATISFACTION AND IS USEFUL. FOR SOMETHING TO HAVE VALUE, IT MUST HAVE BOTH OF THESE COMPONENTS.
What is UTILITY
300
WHAT GROUP ULTIMATELY DETERMINES THE PRODUCTS THAT A FREE ENTERPRISE ECONOMY PRODUCES BY DECIDING WHAT TO PURCHASE?
What is CONSUMERS
300
A FEDERAL PROGRAM OF DISABILITY AND RETIREMENT BENEFITS IS CALLED
What is SOCIAL SECURITY
300
A COMPANY THAT OFFERS AN IMPORTANT PRODUCT TO THE PUBLIC, SUCH AS ELECTRIC SERVICE AND WATER IS CALLED
What is PUBLIC UTILITY
300
THE LAW OF ________________ STATES THAT MORE WILL BE PURCHASED AT LOW PRICES THAN AT HIGH ONES
What is DEMAND
400
THE KNOWLEDGE AND SKILLS THAT ONE POSSESSES THAT MAKES THEM MORE PRODUCTIVE. THE PATIENCE OF A DAYCARE WORKER OR THE SKILL OF AN AUTOMECHANIC
What is HUMAN CAPITAL
400
THESE PEOPLE ARE IMPORTANT IN A FREE ENTERPRISE ECONOMY BECAUSE THEY START NEW BUSINESSES.
What is ENTREPRENEURS
400
FATHER OF ECONOMICS
What is ADAM SMITH
400
LARGE PURCHASES CAN SOMETIMES BE AFFORDABLE WITH A SET MONTHLY FEE OVER AN EXTENDED TIME (LIKE STUDENT LOANS OR CAR PAYMENTS)
What is INSTALLMENT BUYING
400
REPLACING AN EXPENSIVE PRODUCT WITH A CHEAPER ONE
What is SUBSTITUTION EFFECT
500
THE VALUE OF WHAT EVER YOU GIVE UP WHEN YOU MAKE ONE DECISION OVER ANOTHER.
What is OPPORTUNITY COST
500
AS THE GENERAL COST OF LIVING GOES UP IN THE UNITED STATES, THE GROUP THAT WILL FACE THE MOST ECONOMIC HARDSHIP DUE TO A FIXED INCOME
What is ELDERLY
500
NEGOTIATIONS BETWEEN REPRESENTATIVES OF LABOR AND MANAGEMENT OVER SUCH ISSUES AS PAY, SICK DAYS, VACATION AND MEDICAL INSURANCE
What is COLLECTIVE BARGAINING
500
A PERSON WHO PROMISES TO PAY YOUR DEBT IF YOU FAIL TO DO SO
What is CO-SIGNER
500
BUYING ONE SODA INSTEAD OF TWO DESCRIBES WHICH ECONOMIC CONCEPT?
What is MARGINAL UTILITY
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