Show:
Unit 1
Unit 2
Unit 3
Unit 4
Unit 5
100
an ideal marker structure in which buyers(consumers) and sellers(producers), each compete directly and fully under laws if supply and demand
What is pure competition?
100
people have unlimited wants but resources are limited.
What is scarcity?
100
as price increases quantity demanded will decrease
What is law of demand?
100
dollar value of all final goods and service produced within the countries borders in one year
What is GDP?
100
money that has an alternative use as an economic good
What is commodity money?
200
a market in which competition is convenient and impractical and thus efficacy is best achieved by a single seller.
What is natural monopoly?
200
is the next best alternative use for a resource when one choice is made rather than another
What is opportunity cost?
200
quantity supplied is less than quantity demanded
What is shortage?
200
the economy stops growing, GDP reaches a maximum, businesses can not grow
What is peak?
200
a rule stating that a percentage of every deposit be set aside as a legal reserve
What is reserve requirements?
300
oldest, simplest and most common type if business organization.
What is sole proprietorship?
300
government makes all economic decision
What is communism?
300
where quantity supplied is greater than quantity demanded
What is surplus?
300
unemployment directly related to swings in business cycle
What is cyclical?
300
interest rate charged by the federal reservse
What is discount rate?
400
a joining of town or more business that are involved in different stages of producing the same good or service.
What is vertical merger?
400
government protected rights of individuals to own property
What is private property?
400
a form of financial aid or support extended to an economic sector
What is subsidy?
400
rise in general levels of prices of goods and services in an economy over a period of time
What is inflation?
400
money by government decree
What is fiat money?
500
organizations that are in the business of benefiting society and operate like a business
What is non-profit organization?
500
individuals have the ability to freely make basic economics choice
What is economic freedom?
500
a good or service that is used in conjunction with another
What is complements?
500
unemployment caused by a fundamental change in the economy that reduces the demand for some workers
What is structural?
500
not actually money but exchangable
What is representative money?