Econ Concepts
World Economies
Business Types
Banking
HODGE PODGE
100
the inability to satisfy all wants at the same time
What is SCARCITY
100
The type of economy that allows government to be a part of decisions that are made
What is a MIXED ECONOMY
100
Type of business with the most risk
What is a PROPRIETORSHIP
100
What banks pay as an incentive for customers to save money
What is INTEREST
100
Government agency which helps to regulate clean air and clean water
What is the EPA - ENVIRONMENTAL PROTECTION AGENCY
200
Determined by supply and demand
What is PRICE
200
Type of economy with no consumer sovereignty
What is a COMMAND ECONOMY
200
Type of business with the least amount of risk
What is a CORPORATION
200
Banks, Savings & Loans, and Credit Unions are examples
What are PRIVATE FINANCIAL INSTITUTIONS
200
Provides benefits to many citizens at the same time and is provided for us by the taxes we pay
What are PUBLIC GOODS & SERVICES
300
Given up when a choice is made
What is OPPORTUNITY COST
300
One of the reasons nations and states trade with each other
What is to INCREASE WEALTH, GET GOODS WHICH CAN'T BE PRODUCED, GET GOODS CHEAPER, SELL GOODS, INCREASE JOBS
300
The reason a business is in business
What is to MAKE A PROFIT or EARN MONEY
300
Term for a "go between" between a saver of money and a borrower of money
What is an INTERMEDIARY
300
Results in less spending by businesses and consumers - people stop spending and start saving
What is a TAX INCREASE
400
What businesses and producers have for sale to a consumer
What is SUPPLY
400
Most common economy today
What is a MIXED ECONOMY
400
A person who takes a risk and begins a business in search of profit
What is an ENTREPRENEUR
400
The "bankers bank" - the Bank of the United States
What is the FEDERAL RESERVE
400
Employees who come to work on time every day, show an interest in their job, work hard, and keep up with changes in technology
What is a STRONG WORK ETHIC
500
Private Financial Institutions pay interest on savings accounts. This is an example of an:
What is INCENTIVE
500
Type of economy based on custom where children do the same type of work as the parents
What is a TRADITIONAL ECONOMY
500
Type of business which splits risk and profit between owners
What is a PARTNERSHIP
500
The responsibility of the Federal Reserve
What is to KEEP THE ECONOMY STABLE, or MAINTAIN THE VALUE OF OUR CURRENCY, or to ISSUE CURRENCY, SUPERVISE THE NATIONS BANKING SYSTEM
500
Legislation to control monopolies
What are ANTITRUST LAWS
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