CE.11
The inability to satisfy all wants at the same time.
What is scarcity?
This is a type of business that acts as a legal entity regardless of the number of owners.
What is a corporation?
This entity provides certain goods and services that individuals and businesses acting alone cannot provide efficiently.
What is the government?
An awareness of personal talents, interests, and aspirations is needed to select a ___________.
What is a "career"?
The point where the supply and demand curve intersect; both buyers and sellers are happy with the price.
What is equilibrium price?
Economic decisions are based on customs and historical precedent.
What is a traditional economy?
A person who takes a risk to produce and sell goods and services in search of profit.
What is an entrepreneur?
This federal agency protects customers from unfair businesses practices.
What is the Federal Trade Commission?
Career planning starts with _____ assessment.
What is "self"?
Rivalry between two producers of a good or service.
What is "competition"?
In this system, individuals and businesses are owners and decision makers for the private sector. Government is owner and decision maker for the public sector.
What is a mixed economy?
A form of business organization with two owners.
What is a partnership?
This agency regulates communications over the radio, television, and the Internet.
What is the Federal Communications Commission?
Employers seek employees who demonstrate the attitudes and behaviors of a strong ____ ethic.
What is "work"?
These are the three types of money used in the United States.
What are coins, bills (Federal Reserve notes), and deposits?
What is demand?
Worldwide markets in which the buying and selling of goods and services by all nations takes place.
What is the global economy?
This regulatory federal agency protects citizens from environmental hazards that could be created by a factory or businesses.
What is the Environmental Protection Agency/EPA?
These two things influence job income.
What are supply and demand?
These are the four types of resources that go into the production of goods and services.
What are natural, human, capital and entrepreneurship?
These are generally allowed to operate without undue interference from the government in mixed/free market economies.
What are markets?
These three things flow continuously through between households, businesses, and the government.
What are resources, goods/services, and money?
This is our nation’s central bank.
What is the federal reserve?
This phrase means making careful spending decisions, among other things.
What is being fiscally/financially responsible?
Banks and credit unions are examples of _____ financial institutions.
What is "private"?