Economics
This economy is based on customs and traditions.
What is Traditional economy?
Money left after spending, investing, or saving after necessities are paid for
What is disposable income?
This curve slopes downward, representing the relationship between price and quantity consumers are willing to buy.
What is the demand curve?
This degree is earned after completing a bachelor’s degree and includes master’s and doctoral programs.
What is a graduate degree?
A spending plan that estimates income and expenses over a certain period.
What is a budget?
This economy does the government control all economic decisions.
What is Command economy?
The money left after paying for all your needs such as food, housing, and utilities.
What is discretionary income?
This occurs when the price is too low and quantity demanded exceeds quantity supplied.
What is a shortage?
A two-year degree that is typically earned at a community college.
What is an associate degree?
The next best alternative you give up when making a choice.
What is opportunity cost?
Profit and competition are the key forces that drive this type of economy.
What is a market economy?
This type of expense stays the same every month, like rent or a subscription.
What is a fixed expense?
Consumer income, preferences, and prices of substitutes all affect this economic concept.
Whagt is demand?
A degree that prepares a student for a specific licensed profession, such as law or medicine.
What is a professional degree?
The act of giving up one thing in order to gain another.
What is a trade-off?
The United States operates under this type of economy that blends free market principles with government regulation.
What is a market economy?
Expenses like gas or groceries fall into this category because they change from month to month.
What are variable expenses?
When there are a lot of goods and low prices, buyers have the advantage in this type of market.
What is a buyer’s market?
The highest academic degree someone can earn, such as a PhD or MD.
What is a doctorate degree?
The value you own in an asset after subtracting what you still owe on it.
What is equity?
This economy attempts to eliminate market competition by placing all major industries under government control, allowing the state to set prices, wages, and production targets.
What is a command economy?
Income earned with little to no ongoing effort, such as stock dividends.
What is passive income?
This happens when a price is set too high, causing quantity supplied to be greater than quantity demanded.
What is a surplus?
A short training program that teaches specific skills, such as CNA, HVAC, or cosmetology programs.
What is a certification?
A transaction where buyers and sellers freely agree to trade something of value.
What is voluntary exchange?