Show:
Basic Vocabulary
Economic Systems
Supply & Demand
Money System & Banking
Potpurri
100
This is the condition in which people's wants & needs are greater than the resources available to produce them
What is scarcity?
100
The U.S. is this type of economic system
What is a mixed economy
100
This law states that producers will make and offer more goods for sale at higher prices
What is the law of supply
100
In this type of economic system people make trades instead of using money
What is a barter economy
100
This graph shows the possible combination of what a country can produce given all its resources
What is the production possibilities curve
200
When you make a choice this is what you give up
What is an opportunity cost
200
In this type of economic system the government has a much larger role.
What is a socialist economy
200
These are goods in which as your income increases you buy more of them
What is normal goods
200
This is the function of money that allows it to hold its value over time
What is store of value
200

Other than personal information what other pieces of information does the W-2 form give people?

What is gross income and the amount of taxes withheld

300
This is what motivates people to do things
What is an incentive
300
Being able to start your own business is a feature of this type of economic system
What is free enterprise, market or capitalist economy
300
When supply increases we expect price and quantity to change by . . .
What is price decreases, quantity increases
300
The three part system of the federal reserve is made up of . . .
What is the Board of governors, District banks and the Federal Open Markets Committee
300
Price of related goods, changes in income and tastes and preference shift this curve
What is the demand curve
400
This is the factor of production that includes such things as factories, tools and machines
What is physical capital
400
There are many positives and negatives to this economic trend that has brought the world's economies closer together
What is globalization?
400
This is the point on a supply & demand graph where quantity supplies equals quantity demanded
What is equilibrium
400
People respond to falling interest rates in the economy by . . .
What is taking out more loans
400
Serving as a lender of last resort allows the Fed to make loans to people in need of money. True or False
What is false
500

This is the term for sending American jobs overseas to save money on labor or production costs

What is outsourcing or offshoring

500
This has been getting worse in the U.S. and leads to an unequal amount of money in the hands of the top 10%
What is income inequality or income distribution
500
To get rid of a shortage the price of a good would have to . . .
What is increase
500

What are the two main goals of the Federal Reserve system?

Price Stability and Maximum employment

500
The unintended consequence of a higher minimum wage is most likely to result in a shortage of workers. True or false
What is false