Monopoly
What is a Monopoly
What is a market structure where a single producer dominates an entire industry.
What is Bankruptcy
What is a federal legal process initiated by an individual or business who are unable to pay outstanding debts, for a fresh start
An account where the primary purpose is to save money.
What is a saving account
what type of card subtracts funds directly from your checking account at the time of purchase
What is a debit card
What is The Golden Ticket
What is an exclusive high-value opportunity
What is the type of monopoly that occurs when a single large firm can supply a good or service to an entire market at a lower cost than two or more smaller firms
What is a natural monopoly
The use of government spending and taxation to influence the economy is known by this two-word term.
What is true
An account where you can make deposits, withdrawals, or write checks
What is a checking account
What is the type of card that allows you to borrow fund from a bank up to a certain limit, where you have to repay it later
What is a credit card
resources are scarce and wants are unlimited, this represents the value of the next best alternative given up when making a choice
What is opportunity cost
when a monopolist has no direct competition they are considered a price this rather than a price taker
What is a maker
True or False: A repossessed vehicle is forever lost and cannot be recovered
What is false
A user-owned, not-for-profit, cooperative financial institution
What is a credit union
According to the federal law what is the maximum amount of liability you have for unauthorized charge if your credit card is stolen
what is $50
he Latin phrase used by economists to mean "all other things held constant" when analyzing the relationship between price and demand
What is ceteris paribus
To maximize profits a monopolist will produce at a level where marginal revenue equals what
What is marginal cost
Taking back collateral after a debtor defaults
What is repossession
This bank-issued card is used for ATM transactions and makes a purchase with the amount deducted from your checking account
What is a debit card
Unlike debit cards, using this type of card allows you to build a history that influences this numerical score
What is credit score
period of general economic decline characterized by high unemployment and a significant decrease in GDP, often lasting at least two quarters
What is recession
What is government granted monopoly gives a inventor exclusive rights to sell a product for a specific period
What is a patent
General category for individual debtors in bankruptcy, along with businesses and farmers
What are consumers
The first set of numbers placed on the bottom of a check
What is a routing number?
when they borrow money rather than use existing funds, credit cards often charge this fee if the balance is not paid in full by the due date
What is interest
The use of government spending and taxation to influence the economy is known by this two-word term.
What is Fiscal policy