11a
The inability to satisfy all wants at the same time
What is scarcity?
Economic decisions based on custom and historical precedent
What is Traditional Economies?
What are peoples needs?
What the government promotes and regulates
What is marketplace competition?
Our nation's central bank
What is the federal reserve system?
Things that incite behavior
What are Incentives ?
Central ownership (usually by government/people of property and resources)
What is communism?
The people who respond to price changes
What are buyers and sellers?
Money you borrow vs Money that belongs to you
What is the difference between debit and credit?
The amendment that authorize congress to tax personal and business incomes
What is the 16th amendment?
Knowledge,Skill,Training ans experience that individuals need to produce goods and services with their economy
What are Human Resources?
China,Russia,N.Korea
What is a communist country?
Owners who start their own business with their own capital.
What is sole proprietorship?
Mail,building schools,police/ fire departments
What are services that the government provideds?
Works to reduce risk of injures and deaths from consumers products by : developing voluntary standard with industry
The combining of human,natural, capital and entrepreneurship resources to make goods or provide services
What is Production?
The extent of government involvement
What is the key factor in determining the type of economy a country has?
What households give to buinesses
What is labor/payments
Reduce The funds available for individuals and business spending
What does the government's tax increase do?
This is makes it easier to trade,borrow,save and invest.
What is money?
This given up when a choice is made
What is the second-best alternative?
Limited government involvement while also applying free market concepts
What is mixed economy?
Worldwide markets in which the buying and selling of goods and services
What is global economy?
Local, State, and Federal
What are the levels of government?
Medium of exchange,store of value, measure of value
What is the functions of money?