Econ Terms
What is it called when there isn't enough of something to go around?
Scarcity
Which type of economy is based on historical custom?
Traditional
What are the three types of business ownership?
Proprietorship, Corporation, Partnership
The government uses tax money to provide...
public goods and services
What is the first step to career planning?
Self-Assessment
Bob can buy a game or a football. He buys a game. The football is his....
opportunity cost
Which type of economy has central ownership and central planning?
Command
The diagram that shows how money and resources move through the economy is called...
Circular Flow
Name atleast two characteristics of a public good or services
serve many simultaneously
would not be possible if provided by individuals
examples: police, postal service, military
What do you to have in order to get a good job?
strong work ethic
Bob can buy a football or a game. He chooses a game. The game is his....
choice
Which type of economy has consumer sovereignty and minimal government involvement?
Free Market
Business give_________to individuals in exchange for resources
income
If the government increases taxes what happens to the funds available for individuals to spend?
they decrease
Saving for your future, using credit wisely and using contracts to protect yourself are ways to be....
fiscally responsible
Name the three types of resources
human, natural, capital
This type of economy has private ownership in the private sector and government ownership in the public sector. This is the most common type of economy today and the type of economy the US has.
Mixed Economy
What do business and individuals give to the government?
Taxes
If they government wants to increase demand and employment they need to do what to spending
increase it
Federal Reserve Bank - serves as the governments bank and maintains the value of the dollar
What do you call a sale or a coupon that motivates people to buy a product?
incentive
Free Market->Mixed->Command
These economies have and increasing degree of....
government regulation
1.Name the three types of private financial institutions
2.What happens to the deposits that you give the banks?
1. Banks, Credit Unions, Savings and Loans
2. Used to make loans to other people
1. What are the FTC, FCC, and EPA?
2. What are their primary responsibilities?
1. Federal Trade Commission, Federal Communications Commission, Environmental protection agency
1. FTC - encourage competition, protect consumers, FCC - regulate radio and tv, EPA - protect human health and the environment
What leads to a higher income?
More skills, education, and experience