Show:
Economy
Demand and
Market and Prices
Economic Measurements and Business
Saving and Investing
Credit
100
What is the difference between Traditional and Market Economy?
Traditional is developing areas, and Market is where people/market/supply and demand control the economy.
100
What are shift causing factors?
PRICE, Consumer trends, minimum wage and disposable income, production/manufacturing issues or improvements.
100
What are the 4 types of business?
Proprietorships, Partnerships, Corporations, and Cooperatives.
100
A "medium of exchange"
What is the functions of money?
200
Who is Adam Smith?
The "Father of economics," author of the wealth of nations.
200
What is a Free Market?
Economy based on competition with little to no government interference.
200
A nation importing more than exporting
What is trade peficit?
200
Money in a account for a set time period
What is a CD's account?
200
Service to members and better rates
What is a credit union?
300
What are the TWO different types of economy?
Command and Mixed.
300
What is the Equilibrium Price?
The point on the graph where quantity demanded equals quantity supplied (Qs=Qd).
300
Explain Oligopoly and Monopoly.
Monopoly- One business dominates an industry. Oligopoly- A small number of businesses dominate an industry.
300
Funds meant to be removed easily
What is a checking account?
300
The ability to purchase before payment
What is credit?
400
Explain the Law of supply, determinations of supply, and elasticity of supply.
Law: Suppliers produce MORE at HIGHER prices and LESS at LOWER prices. Determinations: Changes in Price, resources, technology, workers, etc. Elastic: supply changes as price does; Inelastic: supply does not change as easily as price does.
400
Name 3 Demand Determinants.
Price, Population, Income, Taste/Trend, Expectations, substitute and complementary goods.
400
A nation exporting more than imports
What is balance of trade?
400
Funds meant to be untouched
What is a savings account?
400
Backs up our money and gives value
What is fiat money?
500
What is the difference between Macro and Microeconomics? What choices does society face?
Macroeconomics- Large scale/General economic factors. Microeconomics- Small scale/ Individualistic economic factors. Choices: What to produce? How to produce it? and Who is it produced for?
500
What is the Law of Demand?
Consumers will buy MORE at LOWER prices and LESS at HIGHER prices.
500
Nations being dependent upon one another for goods and services
What is economic interdependence?
500
Insures all money in ind accounts up to $250,000
What is the FDIC?