The freedom of private businesses to operate competitively for profit with minimal government regulation.
What is free enterprise
100
the part of economics concerned with single factors and the effects of individual decisions
What is microeconomics
100
The monetary value of all the finished goods and services produced within a country's borders in a specific time period
What is GDP
100
exchange (goods or services) for other goods or services without using money.
What is Barter
100
is the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy.
What is fiscal policy
200
a situation in which unlimited wants exceed the limited resources available to fulfill those wants
What is scarcity
200
graphic representation of the relationship between product price and quantity of product that a seller is willing and able to supply. Product price is measured on the vertical axis of the graph and quantity of product supplied on the horizontal axis.
What is supply curve
200
a general increase in prices and fall in the purchasing value of money.
What is inflation
200
a system of money in general use in a particular country.
What is currency
200
A U.S. law requiring a deduction from paychecks and income that goes toward the Social Security program and Medicare.
What is FICA
300
Buildings, machines, technology, and tools needed to produce goods and services.
What is capital goods
300
The state in which market supply and demand balance each other and, as a result, prices become stable.
What is market equilibrium
300
international trade left to its natural course without tariffs, quotas, or other restrictions.
What is free trade
300
the system by which the value of a currency was defined in terms of gold, for which the currency could be exchanged. The gold standard was generally abandoned in the Depression of the 1930s.
What is gold standard
300
the value of the shares issued by a company.
What is equity
400
the doctrine that states that government generally should have little or no involvement in the marketplace
What is laissez faire
400
The amount of an asset or resource that exceeds the portion that is utilized. A surplus is used to describe many excess assets including income, profits, capital and goods.
What is surplus
400
is a macroeconomic measure of the value of economic output adjusted for price changes (i.e., inflation or deflation). This adjustment transforms the money-value measure
What is real gdp
400
is the central banking system of the United States.
What is federal reserve system
400
the availability of liquid assets to a market or company.
What is liquidity
500
The freedom of private businesses to operate competitively for profit with minimal government regulation.
What is free enterprise
500
a graph showing how the demand for a commodity or service varies with changes in its price.
What is demand curve
500
is the only global international organization dealing with the rules of trade between nations.
What is WTO
500
consists of objects that have value in themselves as well as value in their use as money.
What is commodity
500
means reducing non-systematic risk by investing in a variety of assets.