Unit 1
Unit 2
Unit 3
Unit 4
Unit 5
100
necessary goods have little monetary value
What is Paradox of value
100
demonstrates the flow of goods and services and money in opposite directions
What is circular flow chart
100
a maximum price that can be legally charged for a good or service
What is Price Ceiling
100
The average of each of the prices of all the products produced in an economy
What is Price level
100
A mutually beneficial trade agreement between two countries.
What is bilateral
200
worth of a good or service as determined by the market
What is value
200
take according to your needs, give according to your ability
What is communism
200
a reason for doing something; something that stimulates action
What is Incentive
200
Products sold abroad
What is Exports
200
A non-paying user of a good.
What is free rider
300
struggle between buyers and sellers to get the best products at lowest prices
What is competition
300
reference by Adam smith that the market works as if an invisible hand were moving the market
What is Invisible hand
300
economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services
What is Traditional Economy
300
Products brought from abroad
What is Imports
300
A tax paid to the government on net personal or business income.
What is income tax
400
the act of buyers and sellers freely and willingly engaging in market transactions
What is voluntary exchange
400
goods owned by the public
What is public goods
400
An economic system in which the government controls a country's economy.
What is Command Economy
400
The value of imports exceeding the value of exports
What is Trade defecit
400
Something involving many sides or countries.
What is multilateral
500
alternative you face if you decide to do one thing rather than another
What is trade off
500
exhcange of goods and services
What is voluntary exchange
500
economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets
What is Market Economy
500
The charge for borrowing money and the amount paid for lending money
What is Rate of interest
500
A tax an employer pays on behalf of an employee based on the employee's wage or salary.
What is payroll tax
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