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Unit 1
Unit 2
Unit 3
Unit 4
Misc.
100
The condition that results from society not having enough resources to satisfy peoples needs and wants.
What is scarcity.
100
When a given change in price causes a relatively larger change in the quantity demanded.
What is elasticity (elastic)
100
The characteristic of money that makes it easy to transport.
What is portability
100
A general decrease in prices.
What is deflation.
100
A general rise in the level of prices.
What is inflation.
200
The tools, equipment, machinery, and factories used in the production of goods and services.
What is capital?
200
Rule stating that more products will be offered for sale at higher prices than at lower prices.
What is the law of supply
200
The characteristic of money that makes it last for a long time.
What is durability
200
This method/formula is used to calculate the rate of inflation.
What is the Consumer Price Index.
200
Federal program of disability and retirement benefits that covers most working people.
What is Social Security.
300
A risk-taking individual in search of profits.
Who is an entrepreneur?
300
When businesses send jobs to another country because it is more efficient and will lower costs of production.
What is offshoring.
300
When more money is spend then a business or person has.
What is a budget deficit
300
A situation where quantity supplied is less than quantity demanded at a given price.
What is a shortage
400
The type of economy that is characterized by a central authority that makes most of the economic decisions?
What is a command economy?
400
The four factors of production.
What are land, labor, capital, and entrepreneurship.
400
People who purchase goods and services.
What are consumers.
400
The final dollar value of all goods, services, and structures produced within a country's borders during a one year period.
What is GDP
400
Alternatives that must be given up when one thing is chosen rather than another.
What are trade-offs.
500
The driving force that encourages people and organizations to improve their well-being; it is a characteristic of capitalism and free enterprise.
What is profit motive?
500
The change in quantity demanded because of a relative changed of price of the product
What is the substitution effect.
500
The type of monetary system used in the U.S. which is controlled by the government and cannot be exchanged for gold.
What is inconvertible fiat money.
500
Representative collection of goods ans services used to compile a price index.
What is a market basket.
500
The condition of price stability where the quantity demanded equals the quantity supplied.
What is market equilibrium