What are the 4 Factors of Production?
Land, Labor, Capital, Entrepreneurship
Which of the following does a PRODUCER determine?
Product or Goods and Services
“Large # of sellers and IDENTICAL product” explains which type of market structure?
Perfect Competition
Which of the following is an advantage of a checking account?
Money is readily available
What are the 2 requirements for a tax to be constitutional?
Common Defense and For the General Welfare
What are the 3 things that contribute to the PPC?
Cost, Growth, Efficiency
What causes a change in QUANTITY supplied? This also causes the POINTS on a supply curve to shift
Price
Small # of sellers, difficult entry describes which type of structure?
Oligopoly
“Bank pays the amount of a check even if there is not enough money in the account” is the definition of a service banks offer called what?
Overdraft privilege
Income taxes are taxes that are based on both __________ and earned incomes
Unearned
Scarcity is when there is a want, but the ___________ to get that are limited
Resources
Give an example of two complementary goods
Coffee filters and coffee beans/Baseball and a baseball bat/Pencils and pencil sharpeners/ Etc.
How do monopolistic/oligopoly companies compete without altering their prices?
Marketing
What does it mean that money is deferrable?
You can hold onto it and buy at a later time
Federal taxes must be _______ in all states
Exactly the Same
Which of the following do households receive in the product market?
Goods and Services
Marginal Cost can be defined as the _______ cost of producing one more unit of a good/service
Additional
Which of the following market structures are called “price makers”
Monopoly's
Name 3 characteristics of money
Durable, Portable, Divisible, Recognizable & Scarce
Name all 5 Types of Taxes
Property, Payroll, Excise, Income, & Sales
In a market economy, if a customer is free to purchase whatever they want, they are experiencing
Customer Sovereignty
The driving age has just been raised to 18 years old. This type of change refers most to which factor?
Market Size
“Limited/low control of prices” is a characteristic of which of the following structures?
Monopolistic
A _____________ is where you can exchange a good or service strictly with someone who wants what you have to offer in exchange for.
Barter System
What are the 3 forms of Tax and what makes them distinct from another
Progressive- intended to tax the wealthy more based on tax brackets
Regressive- The same dollar amount for everyone
Proportional- The same percentage of tax for everyone. (aka "Flat Tax")