A market structure in which a few large sellers control most of the production of a good or service.
What is Oligopoly?
100
Fundamental problem of economics. People have unlimited wants but resources are limited.
What is Scarcity?
100
Dollar value of all final goods and services produced within a country's borders in one year.
What is GDP?
100
One of functions of money that used to facilitate transaction.
What is Medium of exchange?
100
Government Lowers taxes and Increases spending during times of recession to create jobs at the local and state levels in order to stimulate economic growth.
What is Expansionary fiscal policy?
200
A market in which a single seller exercises exclusive or nearly exclusive control over a particular good or service.
What is Monopoly?
200
Land, labor, capital, entrepreneurship.
What is Facts of production?
200
Personal consumption, gross private investment, government spending, net exports.
What is GDP per capita?
200
Goods and services are traded without use of money
What is Barter?
200
Tax in which percentage of income paid in tax is the same regardless of the level of income.
What is Proportional tax
300
Workers who require specialized skills and training.
What is Skilled labor?
300
The next best alternative use for a resource when one choice is made rather than another.
What is Opportunity?
300
A comparison of the price of a market basket of typical goods and services for an urban household from a fixed point of reference.
What is CPI?
300
Any car that may be use repeatedly to borrow money or buy products or services on credit.
What is Credit card?
300
Requirement that new spending proposals or tax cuts must be offered by reductions elsewhere.
What is Pay as you go?
400
A percentage of earnings paid for a franchise.
What is Royalties?
400
A graph showing quantity demanded at each and every possible prices that might prevail in the market at a given time.
What is Demand curve?
400
International trade left to its natural course without tariffs, quotas or other restrictions.
What is Free trade?
400
Money by government decree.
What is Fiat money?
400
A measure of the ability and ease with which assets can be converted to cash.
What is Liquidity?
500
Most common business ownership.
Easy of start-up.
Full control of business decisions.
Unlimited liability.
Lack of longevity.
What is Sole proprietorship?
500
The congress shall have power to lay and collect taxes on income
What is 16th Amendment
500
An organization lowers trade restrictions and rules on trade disputes between nations.
What is WTO?
500
Money that has an alternative use as an economic good.
What is Commodity money?
500
A savings certificate entitling the bearer to receive interest.