Fundamentals
A new luxury car would be considered a what in Economics?
Want
Does Private Property exist in Communism?
No
A stock represents partial ownership in a company.
True or false
True
The primary method of Gov. revenue is what?
taxation
In Economics all people have what two things?
Wants & Needs
Name one of the four factors of production
Land, Labor, Capital, Entrepreneurs
Who owns the means of production in Communism?
The Government
Capital gains are one of the biggest risks of investing in stock.
True or false
False
The Gov. gets its power to tax citizens from what document?
The Constitution
If all resources were infinite, would Economics exist?
No
What is a tradeoff in Economics?
Everything you gave up when you made a choice
Who owns the means of production in Capitalism?
Private Individuals
If you have no voting rights in the company, do you own a common stock or preferred stock?
Preferred stock
Taxing someone at a higher rate as their income rises is an example of what type of tax?
Progressive tax
Economics is the study of what?
Scarcity
What is an opportunity cost?
The single next best alternative you gave up when making a decision
Who owns the means of production in Socialism?
Society/Community
What is the name of the person who executes stock orders on behalf of an individual?
Stockbroker
Decreasing spending or increasing taxes is an example of what type of fiscal policy?
Contractionary
Every society and individual must answer what 3 questions in Economics?
What, How, Who
What does Point D measure on the Production Possibility Curve?
Unattainable Zone
What famous Capitalist wrote " The Wealth Of Nations"?
Adam Smith
What is the oldest United States stock exchange?
New York Stock Exchange
Which Constitutional amendment gave the United States Gov. the power to tax individual citizens based on their direct income?
16th amendment