Supply and Demand
This is determined by the interaction of supply and demand
What is price
Where buyers and sellers exchange goods and services
What is a market
The definition...
What are things used to produce goods and services
This type of economy is in the US
What is a mixed economy
Type of business with one owner who takes all the risks and earns all the profits is a
What is a proprietor
Rivalry between producers of goods and services
What is competition
Anything that is generally accepted as a method of payment is known as
What is money
Rights and protections against unfair or unsafe business practices when purchasing goods and services
What are consumer rights
The amount Producers are willing and able to Sell at a given price is known as
What is Supply
Using up goods and services
What is consumption
A person doing work
What is human resource
This economy is based on custom and historical precendent and includes things like fishing, agricultural products and crafts like pottery and beads
What is a traditional economy
Form of business organization that is authorized by law to act as a legal entity regardless of the number of owners
What is a corporation
Markets are allowed to operate without unnecessary government interference
What is a free market
Three types of money are
What is currency (paper bills), coins, electronic deposits into bank accounts
Property tax is the main source of revenue for this level of government
What is local government
Producers will produce more when they can sell at higher prices and will produce less when they can sell at lower prices is known as
What is Law of Supply
An increase in price that makes money less valuable
What is inflation
Something you can find in its raw form
What is natural resource
This economy is completely controlled by the government, like North Korea and Cuba
What is command economy
Form of business organization with two or more owners (like a law firm) who share the risks and the profits
What is a partnership
Earnings after all expenses have been paid
What is profit
The central bank of the US that regulates the supply of money is know as
What is the Federal Reserve or FED
A federal agency that protects nature and people's health is
What is the EPA or Environmental Protection Agency
The amount Consumers are will to Buy at a given price is known as
What is Demand
The inability to satisfy all wants at the same time
What is scarcity
This is a man-made resource used to make ggods and services
What is a capital resource
In this economy, no government involvement allows supply and demand to determine what is bought and sold (none truly exists)
What is a Free Market
A person who takes a risk to produce a good or service in hopes of making a profit and can establish any of the three types of businesses is known as
What is an entrepreneur
In order for most decisions about the US economy to be made by businesses in the private sector, government regulation is
what is limited
Non-Profit bank-like organization owned by members who usually share a common bond like employment and offer lower fees and interest rates
What are credit unions
Sales tax and income tax are the main sources of revenue for this level of government
What is state government
Consumers will buy more of a good or service at a lower price and less at a higher price is known as
What is Law of Demand
The thing that is given up when a choice is made
What is opportunity cost
Taking a risk in hopes of making a profit is known as
What is an entreprenuerial resource
The type of economy a country has is determined by
What is the amount of government involement
All the people who have invested in a company
Who is a shareholder
Production of goods and services is determined by customer preferences
What is consumer sovereignty
Company owned by investors that offer checking and savings accounts, make loans, and have ATMs in order to earn a profit
What are banks
The Consumer Product Safety Commission (CPSC) and Food and Drug Administration (FDA) are federal agencies which were established to do what
What is protect consumers
The point where everyone who wants to sell can sell, and everyone who wants to buy can buy is known as
What is Equilibrium Price
Things like coupons and sales which motivate people to behave economically in a certain way
What is an incentive
Since resources are limited on Earth, producers and consumers must make these
What are choices
This is an economic system that has some government regulation, but allows supply and demand to determine what is produced and sold. (Most economies around the world)
What is a mixed economy
Type of business where owners share the profits and their risk or liability is limited to the amount of their investment
What is a corporation
Competition between producers usually means goods and services will be
What is higher quality and lower price
The price paid to borrow money or the income earned from a savings account
What is interest
Income tax is the main source of revenue for this level of government
What is the federal government
What are private goods and services
Ownership of the production of goods and services is held by individuals and businesses is known as
What is private sector or private goods and services
Goods and Services provided by the government with tax revenue
What are public goods and services
Ways the US government has supported competition and discouraging the formation of monopolies is by passing legislation called
What are anti-trust laws
Any amount of money placed into a bank or credit union account
What is a deposit
A legal claim of ownership is know as
What is property rights