Econ Fundamentals
The fundamental problem of economics
What is scarcity
North Korea and Cuba would be a examples of which type of economy?
What is a Command economy
An increase in the price of milk causes a decrease in the demand for cereal. The two products are
What are compliments
What type of bonds are issued by state and local governments?
What are municipal bonds
What should be the qualities of a budget?
What is written, flexible, and practical
For something to have value it must have this
What is utility
The term that means "governs best, governs least" or when the government plays a small role in the nation's economy.
What is "laissez-faire"
When a customer's need for a product is not urgent, demand tends to be...
What is elastic
A period during which stock market prices move down for several months known as...
Money left after paying essentials is best described as...
What is discretionary income (or net pay)
A car washer, dog sitter, baby sitter, house painter are examples of these things that you can buy.
What are services
The key to a free enterprise system?
What is competition
A situation where quantity supplied is greater than quantity demanded at a given price is known as...
What is a surplus
What is the oldest, largest, and most prestigious organized stock exchange in the United States?
What is the New York Stock Exchange
A car crash, or an ambulance bill is known as what type of expense?
A whammy expense
What are these questions known as: What to produce? Who to produce? How to produce?
What are the basic economic questions.
The rate of increase in prices over a given period of time is known as what?
What is inflation
When a manufacturer of pain medication reduced the price of the medication by 30%, the quantity demanded increased by almost exactly 30%. Demand for the product is
What is Unit Elastic
Someone who is licensed to buy and sell stock on a stock exchange is known as...
What is a stockbroker
What tax form do you fill out when you become employed? What is the one you receive every February?
What is a W4 and a W2
The situation in which some necessities have little value while some necessities have a much higher value is known as
What is the paradox of value
How do consumers exercise their power in the American economy?
What is by purchasing what they want or desire
Molly is throwing a party and wants Doritos at the party. Shop Rite is all out of doritos. So Molly bought pretzels instead. In economics, this is an example of...
What is substitution or substitutes
What is it called when you balance your risk across different types of investments?
What is diversification
What is the central banking system of the United States known as?