Capital & Resources
Roads, Bridges, and the Military are all examples of what?
What are public goods?
The next best option in making a decision
What is opportunity cost?
Type of economy based on customs and habit.
What is a traditional economy?
When a factory pollutes the river, the resulting water pollution is an example of a:
What is a negative externality?
What was the first system of money?
What is barter?
Any resources that are made by humans and used to create other goods and services are called...
What is capital?
All resources are ________.
What is scarce?
The basic principle of the law of demand.
What is when the price of a good or service is lower, more people will buy it
when price goes down, demand goes up
When a stadium promises to bring jobs and residents to a city, this is known as a:
What is a positive externality?
Real estate/homes
Land, labor and capital are all examples of
What are factors of production?
___________ makes economies more efficient.
What is specialization?
What a consumer is producing when they are able and willing to purchase a good or service.
What is demand?
What is minimum wage?
The term for a strong stock market
Bull
Becoming more education to increase efficiency and specialization is an example of an increase of
What is human capital?
A car is an example of a _________ good.
What is durable?
Give an example of the law of supply
Answers may vary
In the initial effort to fund the Civil War, the federal government issued a legal tender known as a:
What is a greenback?
What does a mutual fund sell?
A mutual fund sells shares of a portfolio of stocks/bonds etc.
If the United States does not have oil because the country we buy it from no longer accepts the US dollar, we have a _________.
What is a shortage?
An example of a good whose price goes down because of improvements in technology
a. computer printers
b. running shoes
c. hard bound books
d. typewriters
A
Voting, lobbying the government, and purchasing products made by the government are all ways that consumers influence the government in what type of economic system?
What is a free enterprise system?
An embargo that was the most consequential in American History.
What is the OPEC oil embargo?
Which of the following do FICA taxes include?
Social Security and Medicare