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beginner
easy
medium
hard
extreme
100
What is the factors of production
these are land, capital, entrepreneurship,labor
100
What is division of labor
spillting work into smaller more managable task
100
What is specialization
the act of practicing one task in order to improve effinency
100
What is balance of payments
value of all money coming into the country. when you pay for imports, that take money out of your economy
100
government spending is what
the president proposes the budget, congress approves the budget.
200
why does the government use taxes.
government uses taxes to get money for their budget.
200
who is involved in the fiscal policy
the executive and the legislative branch.
200
who benefits from inflation
businesses, the more things cost the more businesses make, can hire more workers
200
What is progressive tax
the more money you make the more you are taxed.
200
What is sales tax
is a regressive tax which means less you make the bigger percentage you pay
300
true or false inflation is bad and good
true
300
What is product market
used to exchange and find good or service
300
What is resource market
market used to exchange labor, capital, and natural resources
300
the basic economic problem that arises because people have unlimited wants but resources are limited is called what?
scarcity
300
oil, gas, tree, and fruit they are important easy to use and are are helpful to everyday life is called what?
natural resources
400
the risk factor when starting up a new business
entrepreneur
400
What is deficit
occurs when the government spending exceeds revenue in a given time period, usually one year deficit= government spending.
400
What is comparative advantage?
the ability of an individual or group to carry out a particular economic activity more effiency.
400
principle refers to the ability of a party to produce more.
absolute advantage
400
to bring or carry in from an outside source
import
500
what are trade barriers
tariffs, quotas, embargoes, and subsidies
500
What is quotas?
a limited or fixed number or amount of people or things in particular.
500
trade barriers definition
policies or regulations that in some way limit internation trade. they can take many forms such as imports and exports license.
500
the value of one currency for the purpose of conversion to another is called what?
exchange rates
500
describe thelaw or supply and demand
price goes up and so does supply, when supply goes up demand goes down.