Free enterprise system is another name for this type of economy
What is Market Economy
100
The government makes almost all essential decisions about economic policies
What is command economy
100
In this type of economy, government makes some economic decisions while the market system makes most others
What is mixed economies
100
Business that provides loans and checking and savings accounts for customers
What is banks
100
This was founded in the 1900's as a uniform banking system
What is Federal Reserve System
200
In a market economy who determines what products will be produced?
What is consumers
200
The name for the command system in Cuba and North Korea
What is communism
200
Economic power in this economy is mainly left to who
What is private business owners
200
This is how banks make money
What is interest on loans
200
Why is this bank called the bank for bankers
What is it lends money to banks
300
Money that is left to the business owner after paying for manufacturing and production cost
What is profit
300
This is another type of command system where major industries are owned and operated by the government but is not as extreme as communism
What is socialism
300
What role does the Federal Reserve System play in keeping a health economy
What is controlling the circulation of money
300
A convenient and efficient means of transferring money
What is a check
300
The Federal Reserve System is organized into how many districts
What is 12
400
What is the purpose of competition in this type of economy?
What is to keep prices low/reasonable cost
400
In socialism business react to what to features
What is market conditions and consumer demand
400
The amount of interest a bank pays to the Federal Reserve System for loans
What is discount ratio
400
"Did the borrower make payments to the lender on time?"
"Did the borrower pay back the loan completely?"
These are questions bankers examine when doing what?
What is performing a credit check/deciding to give a loan
400
The amount of money a bank must keep at a regional Federal Reserve Bank
What is Reserve Ratio
500
This means that the government eliminated or reduced the number of rules that told businesses how they should or should not conduct their affairs
What is deregulation
500
True or False....typically in a command economy people cannot own their own property privately, and profits, in theory, cannot be made by individuals.
What is true
500
Who nominates people for the Federal Reserve Board, how long are the terms, and how long does the chairperson serve for
What is the President of the United States, 14-year terms, and 4-year term for chairperson
500
What is necessary to have whenever you write a check
What is enough money in the bank to cover the check