Tacos
Capitalism
Which type of economics system is most flexible
command economy
Which type of economic system is least flexible
prices answer these three questions
WHAT, HOW, and FOR WHOM to produce
taking out the trash for your parents
What is a non market transaction
leads to increased production
What is using resources efficiently
Not having enough of something
What is scarcity
legal tender, supply, durability and portability
What are the characteristics of money
Elders and tradition
Who makes the decisions in a traditional economy
deciding if the production is worth the cost
What is cost benefit analysis
The customer
Who decides what gets produced in the US
Supply = Demand
What is equilibrum
high interest rate
What do credit cards charge
Free market/capitalist
What type of economics system does the US have?
Increase in demand because of increase income
What is the income effect
Free exchange
What is a characteristic of a free market system
Corporations
What are most bank?
when you dont want something as badly because you just bought one
What is diminishing marginal utility
a type of product that how much it costs greatly impacts the quantity demanded
What is (very) elastic
how much a taco stand makes from making one more taco
are super risk but can pay a lot
What are junk bonds