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Econ Systems
Demanding Supply
Biz
Money and Banking
100
The alternative you give up when you make an economic choice
What is a trade-off
100
The most common economic system in the world today
What is a mixed economy
100
According to this, quantity demand decreases when prices increase
What is the law of demand
100
A type of business that is co-owned by two or more people who agree on how responsibilities, profits, and losses will be divided.
What is a partnership
100
The definition of this is NOT fake money
What is a reserve
200
Benefits offered to encourage people to act in certain ways
What are incentives
200
Resources are owned by the government in this type of economy
What is a communist (command) economy
200
This happens when the quantity of a product demanded and the quantity supplied are equal.
What is equilibrium
200
An individual who owns a share of a corporation and is entitled to part of its profits.
What is a stockholder
200
Assets that can easily be converted to currency
What are liquid assets
300
The satisfaction gained from the use of a good or service
What is utility
300
In a capitalist economy, the prices are determined by this.
What is supply and demand
300
On a graph, this represents a shift of the demand curve
What is a change in demand
300
A main advantage of this type of business structure is that the owner gets to keep all the profits
What is sole proprietorship
300
An advantage of this type of investment is that diversification reduces risk
What is a mutual fund
400
Using resources to produce the maximum amount of goods and services
What is efficiency
400
A characteristic of this type of good is that people cannot be excluded from the benefits of the product.
What is a public good
400
A movement along the demand curve is caused by this
What is a change in price
400
A type of business where one pays licensing fees to start.
What is a franchise
400
This type of investment is considered almost risk free
What is a US government bond
500
The factors of production
What is land, labor, capital, and entrepreneurship
500
The process of moving from government ownership to private ownership
What is privatization
500
This measures how responsive consumers are to price changes
What is elasticity of demand
500
Ms.Brasic's favorite college team
What is Michigan
500
Stock prices are determined by this
What is supply and demand