A group organized for purposes other than generating profit and in which no part of the organization's income is distributed to its members, directors, and officers.
What is nonprofit organization?
100
The basic economic problem that arises because people have unlimited wants but resources are limited.
What is scarcity?
100
Analyzes the market behavior of individual consumers and firms in an attempt to understand the decision-making process of firms and households.
What is microeconomics?
100
A measure of the total output of a country that takes gross domestic product and divides it by the number of people in the country.
What is GDP per capita?
100
Distribution or exercise of an absolute privilege or right to an economic benefit.
What is entitlements?
200
A type of security that signifies ownership in a corporation and represents a claim on part of the corporation's assets and earnings.
What is stocks?
200
A benefit, value, or profit of something that must be given up to acquire or achieve something else.
What is opportunity cost?
200
Graphic representation of the relationship between product price and quantity.
What is supply curve?
200
When a person who is actively searching for employment unable to find work.
What is unemployment rate?
200
Government spending policies that influence macroeconomic conditions.
What is fiscal policy?
300
A debt investment in which an investor loans money to an entity which borrows the funds for a defined period of time at a variable or fixed interest rate.
What is bonds?
300
An economic system where few restrictions are placed on business activities and ownership.
What is free enterprise?
300
Represents what the demand for a commodity would be if its price ranged anywhere from zero to infinity.
What is demand curve?
300
The rate at which the general level of prices for goods and services is rising, and purchasing power is falling.
What is inflation?
300
The process in which a business determines whether projects are worth pursuing.
What is capital budget?
400
The action of selling the same product at different prices to different buyers, in order to maximize sales and profits.
What is price discrimination?
400
An economic and political system based on public or collective ownership of the means of the production.
What is socialism?
400
A situation in which the supply of an item is exactly equal to its demand.
What is market equilibrium?
400
The act of trading goods and services between two or more parties without the use of money.
What is barter?
400
Property or other assets that a borrower offers a lender to secure a loan.
What is collateral?
500
A payment to an owner for the use of property, copyrighted works, franchises or natural resources.
What is royalties?
500
A benefit, reward, or cost that motivates an economic action.
What is incentive?
500
The total amounts of goods or services that are demanded at any given point in time.
What is change in quantity demanded?
500
A generally accepted form of money, including coins and paper notes, which is issues by a government and circulated within an economy.
What is currency?
500
A legal proceeding involving a person or business that is unable to repay outstanding debts.