Show:
Business and Market Structures
Foundations of Economics
Economic Measurements
Fiscal & Monetary Policy
Personal Finance
100
A market structure in which there is only one producer/seller for a product
What is a monopoly?
100
This is the fundamental problem of economics
What is scarcity?
100
The monetary value of all the finished goods and services produced within a country's borders
What is GDP?
100
These include medium of exchange, store of value, and unit of account
What are functions of money?
100
A certificate issued by a bank to a person depositing money for a specified length of time
What is a certificate of deposit?
200
A market form in which a market or industry is dominated by a small number of sellers
What is an oligopoly?
200
These include capital, entrepreneurship, land, labor
What are factors of production?
200
This occurs when the amount of an asset or resource that exceeds the portion that is utilized
What is a surplus?
200
The federal law that requires you to withhold three separate taxes from the wages you pay your employees
What is FICA?
200
The legal status of a person or other entity that cannot repay the debts it owes to creditors
What is bankruptcy?
300
Type of worker who earns a wage rather than a salary
What is a blue-collar worker?
300
An economic theory that strongly opposes any government intervention in business affairs
What is laissez faire?
300
The sustained increase in the general level of prices for goods and services
What is inflation?
300
The system by which the value of a currency was defined in terms of gold
What is the Gold Standard?
300
The situation in an economy in which the apportionment of resources or goods among the people is considered fair
What is equity?
400
A work stoppage by union members that is endorsed by the union
What is a strike?
400
These include growth, stability, full employment, freedom, security, equity, and efficiency
What are economic goals?
400
This states that if countries specialize in producing goods where they have a lower opportunity cost (opposite of absolute advantage)
What is comparative advantage?
400
These include portability, divisibility, limited availability, and durability
What are characteristics of money?
400
The ability to convert an asset to cash quickly
What is liquidity?
500
An organization that uses its surplus revenues to further achieve its purpose or mission
What is a nonprofit organization?
500
This allows the Congress to levy an income tax without apportioning it among the states or basing it on the United States Census
What is the 16th Amendment?
500
Developer of "Keynesian economics" and one of the founding fathers of macroeconomics
Who is John Maynard Keynes?
500
A status of financial health in which expenditures exceed revenue
What is a budget deficit?
500
The amount owed for borrowing money
What is interest?