The point at which there are no surplus or shortages.
What is Equilibrium point
100
When there are too few goods for society.
What is shortage
100
Entrepreneurs are concerned with risk and ________
What is reward
200
The _____ organizes the business by raising capital, buying or leasing land or buildings, hiring workers, purchasing materials, paying utilities, and other business related expenses.
What is Entrepreneur
200
Adam Smith wrote ____________
What is Wealth of Nations
200
The Department of Agriculture does what?
What is monitors the saftey of food coming into this country.
200
FDA
What is Food and drug administration
200
In a general partnership each partner is personally _______
What is liable
300
Putting money, buildings or machinery, and fuel to run machinery into your business is considered investing __________
What is Capital
300
Bait and Switch
What is an illegal tactic for advertising.
300
schedule that determines the total of an item at any given price for all suppliers in the market.
What is Aggregate Supply
300
What are several examples of a Franchise
What is McDonalds, Wendys, Jimmy Johns, etc.
300
The_______effect is the inability to buy the same quantity of goods if prices rise while income does not.
What is the real income effect
400
The_______ system allows individuals to control the factors of production.
What is Capitalist system
400
Mortagages
What is the largest form of installment debt in the United States of America.
400
What is a surplus
What is the over production of goods.
400
A single business owner
What is a Sole proprietor
400
The _______ laws are limits imposed by the government on what interest rate can be charged on a loan.
What is usery laws
500
A system which is the opposite of a command economy.
What is Free Market economics.
500
Finance companies charge insane rates of interest.
What is the downfall of borrowing from Finance Companies.
500
In a market economy all_________collectively have an influence on the price of goods and services
What is demand
500
a________tax is a flat tax rate that does not change regardless of the income or tax base.
What is progressive tax
500
As price increases demand decreases, and vice versa, what does this law represent?