Vocabulary
The amount of money exchanged for a good or service.
Price
Most economies today, including the United States economy, are this type of economy
Mixed Economy
What is given up when a choice is made.
Opportunity Cost
Our nation’s central bank.
Federal Reserve System
This type of ad aims to attack the camping of a candidate
Negative Ad or "Attack Ad"
This is earnings after all expenses have been paid.
Profit
What is the term for a centrally planned economy
Command Economy
Continuous flow of money, resources, goods, and services among individuals, businesses, and the government.
Circular Flow
This acts as a measure of value
Money
A written statement of a party's views on all important issues.
Party platform
a general increase in prices and fall in the purchasing value of money.
Inflation
A centrally planned economy is one controlled by what?
The Government
When demand increases what happens to the supply?
decreases
a general increase in prices and fall in the purchasing value of money.
Inflation
The process by which one become a United States citizen
Naturalization
This is the money a person puts into the bank for safekeeping.
Deposit
The results of this is better-quality goods and services at lower prices.
Competition
the point where supply and demand meet.
Equilibrium price
Payment made as a fee for borrowing money
Interest
This principles ensures that everybody has to follow the same laws.
Rule of Law
Money, equipment, tools, and buildings used by a business to produce goods and services
Capitol
How do consumers determine through purchases what goods and services will be produced.
Consumer sovereignty
Consumers will buy more of a good or service at lower prices and less at higher prices.
Law of Demand
One of the jobs of this organization is to make loans to people and businesses.
Private Financial Institutions
The failure of this document led to the writing of the Constitution of the United States.
The Articles of Confederation