A
Which is an example of a "need"...a plane ticket, clothing, cell phone, or going to a restaurant?
Clothing (remember, a need is something you MUST have for survival)
The money that a business makes after all expenses have been paid is called what?
Profit
To increase, or gain more of something, over time is known as what?
Accrue (or accruing)
An amount taken of a regular price is called what?
A discount
A crop that is grown to be sold is known as what?
A cash crop
A country buying something is known as a what?
Import
A country selling something is known as a what?
Export
Which of the following is a characteristic of all markets? Buyers and sellers, a physical location, a common currency, goods and services.
Buyers and sellers
A period of time where there is little buying or selling is known as a what?
Recession
When someone develops a set of skills, or a business only creates a single type of product, this is known as what?
Specialization
When workers refuse to work until their demands are met, this is known as a what?
Strike
Which development laid the groundwork for the modern American economy? Adopting mercantilism, Industrialization, Abolishing slavery, or Collective Bargaining
Industrialization
A form of currency used by Eastern Woodlands Native Americans prior to European colonization was called what?
Wampum
The consequence of a business's activity that affects other parties but does not impact the cost of their goods is known as a what?
Externality
A legal agreement in which someone borrows money to buy a house and pays the money back over time is called what?
A mortgage
Substances used in the primary production or manufacture of goods are known as what?
Raw Materials
When the price of a good or service is able to change or be flexible, this is known as the price being able to what?
Fluctuate
The negotiation of better wages and working conditions by a group, such as a union, is called what?
Collective Bargaining
The price at which supply of an item equals the demand for said item is known as the item being at its what?
Equilibrium price
A settlement built for the purpose of converting Native Americans to Christianity and gaining access to resources is known as a what?
A Mission
Urbanization
Whenever someone makes a choice, the value of the item or choice that was not made is known as what?
Opportunity Cost
Jade chooses to rent a canoe for ten dollars and paddle on the lake for three hours instead of doing her homework. Which of the following is Jade's opportunity cost? The rental fees, the time not spent on doing her homework, or the bad grade she will likely receive?
The time not spent on doing her homework
When two or more countries or businesses depend upon each other for something, this is known as being what?
Mutually reliant
This is the type of interest that is only calculated using, and applied to, the original deposit (also known as principal) in a bank account.
Simple Interest
(This is in contrast to compound interest which is calculated using both the original deposit AND all accrued, or built up, interest thus far)