When a business, or person, is unable to pay her or his debts.
What is bankrupt
100
Inability to satisfy all of our wants
What is Scarcity
100
The seven member board that oversees the Federal Reserve System
What is Board of Governors
100
The federal government efforts to keep the economy stable by increasing or decreasing taxes or government spending.
What is Fiscal Policy
100
person who organizes, manages, and assumes the risks of a business in order to gain profits
What is entrepreneur
200
The percentage of a sales price received by a salesperson for her or his services.
What is commission
200
the social science that studies the choices that individuals, businesses, governments and entire societies make as they cope with scarcity, the incentives that influence those choices, and the arrangements that coordinate them.
What is Economics
200
The actions the Fed takes to control the money supply and the rate of inflation in the economy
What is Monetary Policy
200
law that assigned to the federal government the responsibility for promoting full employment and price stability
What is Employment Act of 1946
200
a beginning business enterprise
What is startup
300
An organisation that keeps on file the credit records of consumers.
What is credit bureau
300
the choices that are best for the individual who makes them
What is Self-interest
300
12 banking districts created by the Federal Reserve Act
What is Federal Reserve District
300
A three-member body appointed by the president to advise the president on economic policy.
What is Council of Economic Advisers
300
private- or government-funded agency that assists new businesses by providing advice or low-rent buildings and supplies
What is small business incubator
400
A person who is owed money.
What is creditor
400
the choices that are best for society as a whole
What is social interest
400
Research division of the Fed
What is Federal Advisory Council (FAC)
400
when the government spends more money than it collects in taxes
What is Budget Deficit
400
extra supply of the items used in a business, such as raw materials or goods for sale
What is inventory
500
Buying something without giving much thought as to whether you really need it or not.
What is impulse buying
500
is the best thing you must give up to get something
(the best alternative that you gave up- the best alternative forgone, but not all the expenditures you make or expenditures that cannot be reversed, that is past investments that you cannot get back)
What is opportunity cost
500
Makes key decisions about interest rates and decide whether to increase or decrease the money supply
What is Federal Open Market Committee (FOMC)
500
Fiscal policy used to decrease aggregate demand or supply. Deliberate measures to decrease government expenditures, increase taxes, or both. Appropriate during periods of inflation.
What is Contractionary Fiscal Policy
500
income received from the sale of goods and/or services; also, slips of paper documenting a purchase