Econ. Vocabulary
The using up of a resource.
What is the definition of Consumption?
Decisions based on custom / history
People do the same work as parents - no matter of ability
Examples:
hunter gatherer societies, small farming communities
What is a Traditional Economy?
Proprietorship
Partnership
Corporation
Entrepreneur
What are the 4 main types of businesses?
The name of our Nation's Bank.
What is the FED?
interstate highways
public schools
national defense
What are Public Goods & Services examples?
The decisions individuals, businesses, or governments make about how to allocate scarce resources to satisfy their needs and wants, given limited options and potential consequences.
What is Choice?
In this economy, Government has ownership of resources and they control the economy. There is also a lack of consumer choice.
What is Command Economy?
A person who takes risks to produce and sell goods and services in search of profit and fosters technological progress and economic growth.
What is an Entrepreneur?
Regulates banks to help ensure the security of the banking system and the safety of deposits
influences the money supply and interest rates in the economy to keep inflation low and stable
provides financial services to banks and the federal government.
What are the responsibilities of the Central Bank?
They provide benefits to many at one time and would not likely be available if individuals had to provide them.
What are public goods and services?
The value of what is given up when making a decision.
What is Opportunity Cost?
Private ownership of property
A lot ofCompetition
Lots of individual choice
Little/No Government involvement
What is a Free Market Economy?
A form of business organization with one owner who takes all the risks and all the profits.
What is a proprietor?
Those who control the Federal Reserve.
Who is/are the Board of Governors and 12 Fed Reserve Banks and the Chairperson.
tax revenue
borrowed funds
fees (e.g., park entrance fees)
Through fines
What are ways the government pays for public goods and services?
A basic economic problem - the gap between limited resources and theoretically limitless wants.
What is Scarcity?
In which Economy is the government’s role greater than in a free market economy and less than in a command economy.
What is Mixed Economy?
A form of business organization with two or more owners who share the risks and profits.
What is a Partnership?
This person is appointed by the president and approved by the Senate
Who is the Chairperson of the Federal Reserve?
Federal Trade Commission (FTC)
Securities Exchange Commission (SEC)
Federal Communications Commission (FCC)
What are government agencies that promote competition?
The definition of "Capital".
What are the resources used to create value in an economy?
Free market economies don't really exist, but one country comes close.
What is Singapore?
Shark tank is an American show where people can try to convince investors that their product belongs on shelves in stores nationwide. What are these people called?
What are Entrepreneurs?
What is a Financial Institution?
Include banks and credit unions
Receive deposits and make loans
Encourage saving and investing by paying interest on deposits
Help provide capital ($$$$) to people/businesses to start or grow businesses
What is a Financial Institution?
Establishing and enforcing antitrust legislation to discourage the development of monopolies
Creating policies that encourage global trade
What are ways the government promotes marketplace competition?