Category 1
A mixed economy is a combination of __________and ___________economies. (Fill in the blank)
Was it command, market?
When you make a decision between two choices, the values of the option you did not pick is called (what)
Was it opportunity cost?
________(Fill in the blank)____________is a situation in which the amount of a good or service supplied by producers is greater than the amount demanded by consumer (Hint: supply>demand)
Was it Surplus?
The price set for a good or service in the marketplace where demand/supply are perfectly balanced is called ?
Was it Equilibrium?
Outlaws all contracts, combinations, and combinations and competition by limiting the market power of any particular firm.
Was it Sherman Anti-Trust Law?
___________ ___________ is the desire for financial gain as an incentive in economic activity. (Fill in the blank)
Was It Profit Motive?
Someone who buys a good or service
Was it consumer?
The__________ amendment protects due process for property rights. (Fill in the blank)
Was it the 5th Amendment?
_______________ efforts by different businesses to sell the same good or service available is less than the demand for it. (Hint: Demand>Supply)
(Fill in the blank)
Was it Competition?
Any word, phrase, symbol, design, or a combination of these things that identifies your goods or services is called?
Was it Trademark?
What are one of the four types of economic market(s):
Was is Traditional, Command, Mixed, Market?
A person or business that provides good or services
Was it producer?
How the government uses taxes and spending to reach economic goals is called what?
Fiscal policy
______________ tax is a tax on a person's assets after death. (Fill in the blank)
Was it Estate tax?
Property taxes are mostly collected at the -------- Level
Was it local level?
Individual choice is an example of which economies?
Market
The four rights of a property owner are:
Name one
Was is:
Possession
Enjoyment
Control
Exclusion
The Aborigines of Austrilia is an example of what market?
Was it Traditional
When the demand for goods and services in an economic decreases forcing companies to lay off workers in an effort to cut costs
Cyclical
Safeguard purchasers against defective products and deceptive, fraudulent business practices.
Was is Consumer Protection Act?
The United States of America is an example of this particular economies?
Mixed Economy
Total market value of all final goods and services produced in a country in a single year.
Was it Gross domestic product?
The_______________ rate is the percentage of people in the civilian labor force who are not working but are looking for a job? (Fill in blank)
Unemployment
__________________ taxes, also known as "Sin Taxes" are a unique form of sales tax imposed on a specific good or activity. (ex. cigarettes, cigars, snuff, chewing tobacco, pipe tobacco, and roll-your-own tobacco (Fill in the blank)
Excise
Persistent high inflation combined with high unemployment and lowered demand is called?
Stagflation