What form of government expenditure provides money to people who are retired or disabled?
Social Security
100
What is Gross Domestic Product?
Total value of all final goods and services produced in a country in a single year
200
What is the equal-protection clause?
Part of the 14 Amendment, it forbids unfair treatment on the basis of race
200
What is opportunity cost?
The cost of the next best alternative use of time and money when choosing to do one thing rather than another
200
What is the difference between services and goods? Give an example of each
Services - works performed by a person for someone else
Goods - products we use to satisfy our wants and needs
200
What is the freedom of individuals and businesses to operate with a minimum of government interference or regulation?
Free enterprise
200
What is disposable income?
Money that remains after all taxes on it have been spent
300
What is the difference between a plaintiff and a defendant?
Plaintiff - party that files a lawsuit
Defendant - a individual/group being sued or charged with a crime
300
How do you figure out total cost?
You add fixed cost and variable cost
300
What is financial capitol?
Money needed to start and operate a business
300
How are prices established in the United States?
By the forces of supply and demand
300
What is the term for money that has been borrowed and not been paid back?
Debt
400
What is the difference between civil and criminal cases?
Civil - involve property disputes, personal injury, etc and the plaintiff is looking for repayment
Criminal - more serious crimes, defendants serve punishments in found guilty
400
How does economic activity flow in a market system?
Circular
400
What is one of the reasons the government would prosecute a corporation?
When they release false financial information
400
Explain a trade deficit.
When a country has a higher value of imports than exports
400
What category do land, water, animals, forests, and minerals all fit under?
Natural resources
500
Why is it hard to regulate intellectual property rights?
It is hard to prove that someone copied someone else's idea, or who came up with it first if it is not copywrighted
500
How does the idea of scarcity relate to the idea of economics?
Economics is the study of how people make decisions in a world with limited resources (scarcity)
500
What are the differences between proprietorships, partnerships, and corporations?
Proprietorship - business owned and operated by a single person
Partnership - business that two or more people own and operate
Corporation - organized business recognized by law
500
Explain the ideas of surplus, deficit, and balanced budget.
Surplus - more income than expenses
Deficit - more expenses than income
Balanced Budget - Spending equals revenues
500
Describe the term authoritarian. Give an example
A leader of a government that holds absolute power; leader of any communist country, or any dictator