Unit 1
Unit 2
Unit 3
Unit 4
Unit 5
100
The production, distribution, and consumption of goods and services is known as the
Economy
100
This economic principle states that as prices go down, the quantity demanded increases.
The Law of Demand (must write this exactly)
100
A business that receives deposits and makes loans
A bank
100
A mandatory payment to the government.
Taxes
100
An increase in the overall price level of goods and services produced in an economy. This typically results in the value of a dollar to decrease over time.
Inflation
200
Who is considered the "Father of Capitalism"?
Adam Smith
200
If computer chips become more expensive, how does this affect computer supply?
Decrease
200
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Entrepreneur
200
A resource that everyone has access to and that can easily be overused or destroyed. Examples include the atmosphere and the oceans
Common Resource
200
A statistic that helps economists judge the health of an economy.
Economic Indicator
300
Who is considered the "Father of Communism"?
Karl Marx
300
Name one determinant of supply
Production Costs, Technology, Number of Sellers, Government Policies, or Price Expectations are all acceptable answers
300
business owned and managed by one person
A Sole Proprietorship
300
A tax that takes a larger share of income as income increases.
Progressive Tax
300
The market value of all final goods and services produced in a given period of time.
The Gross Domestic Product (GDP)
400
the process of concentrating on and becoming expert in a particular subject or skill.
Specialization
400
The type of market structure in which only one producer dominates the market.
Monopoly
400
An account that allows the account holder to deposit or withdraw money.
Checking Account
400
A tax that takes a smaller share of income as income increases.
Regressive Tax
400
The percentage of the labor force that is actively seeking employment is known
Unemployment Rate
500
Trees, Forests, and Fish are all examples of what kind of resource?
Renewable Resource
500
A market structure where a few large companies control most of the industry.
Oligopoly
500
a business that is owned and operated by a group of individuals for their shared benefit.
Cooperative
500
The establishment, by the government, of rules aimed at influencing the behavior of firms and individuals. Regulation can involve setting prices, establishing product and workplace standards, and limiting entry into an industry.
Regulation
500
How do you calculate a nation's GDP?
C + I + G + NX = GDP
600
When you open up a bag of potato chips and enjoy the first potato chip, but as you continue eating, the satisfaction gradually diminishes. This is an example of what law of economics?
Diminishing Marginal Utility
600
The price of lumber increasing is an example of which determinant of supply?
Production Costs
600
If you wanted to know how long (in years) it would take for an investment to double, what rule would you use?
Rule of 72
600
What are the four Maxims of Taxation according to Adam Smith
Equity, Certainty, Convenience, Efficiency
600
This happens when a person seeks to enter the workforce or quits one job to seek another.
Frictional Unemployment
700
What is the opportunity cost of shifting production from A to C?
20 Wheat
700
List 2 disadvantages of starting a corporation
Complexity of Start-Up
Loss of Control
More government regulation
Double taxation
700
A policy designed to reduce income inequality by taking money from the rich and distributing it to the poor. Usually this is done through taxes and social programs such as welfare or social security.
Income Redistribution
700
The nominal cost of basic goods and services adjusted for inflation.
Real Cost of Living