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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

This document, necessary for taxes, is given to you in January by your employer.

What is a W-2 form

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

This is the independent agency in charge of our money supply.

What is the Federal Reserve

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 supplied equals quantity demanded

What is equilibrium

400
People respond to falling interest rates in the economy by . . .
What is taking out more loans
400

List four factors that shift the supply curve

What are resource costs, technology, gov't actions, weather, number of sellers, and future price sellers expect

500
This is the term for sending American jobs overseas to save money on labor or production costs
What is outsourcing
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

This number gives lenders an idea of how likely you are able to pay off a loan.

What is a credit score or FICO score

500

This deduction reduces your overall taxable income by $14,600 in 2025 for single filers.

What is the standard deduction