The economic system that Adam Smith suggested and is idealized by the United States.
What is the Free Market or Capitalist system
100
A business that is private but you are not the only owner
What is a Partnership
100
Partial ownership in a publicly traded company
What is a stock or share
100
When your price is lower than the equilibrium price you will end up with a
What is a Shortage
100
The Bank of Banks whose job is to determine monetary policy and protect/stabilize the economy.
What is the FED or Federal Reserve Bank
200
The economic system suggested by Karl Marx and idealized by the late Soviet Union
What is Command economy or Communism
200
A business in which you keep all the profits
What is a sole proprietorship
200
An agreement for a company to pay you back a specific amount of money after a specific amount of time (this money was loaned to the company)
What is a bond
200
When the economy is doing well and the GDP is on the rise, this is called a __________ period.
What is a recovery period.
200
A tax on a specific good
What is an excise tax
300
The economic system that smaller groups of people like the Amish and Bedouin adhere to based on customs
What is a traditional economy
300
When you higher another worker and they add more production value than the previous worker
What are Increasing Marginal Returns
300
When a publicly traded company makes profit, it pays this out to its stockholders
What is a dividend
300
If the GDP continues to drop over a longer period of time, it becomes known as this
What is a Depression
300
The social welfare program designed to help people over the age of 65 with issues of a medical nature.
What is Medicare
400
The four factors required for economics
Labor, Land, Resources, Entrepreneurs
400
The merger type in which you buy out companies which produce resources that your company uses. (Fordlandia)
What is a Vertical Merger
400
The organizations in which stocks are traded
What is New York Stock Exchange, NASDAQ, or just Stock Exchange
400
The change is caused when the price of a good doesn't change but great advertisement or bad publicity affects it.
What is a demand shift
400
The program that F.D.R. promoted to heal and protect the economy through work programs and changes in the financial sector
What is the New Deal
500
The economic system that has elements of Capitalism and Socialism but seeks to protect private business as well as weak sectors. (Most nations are this today)
What is a mixed economy
500
The biggest disadvantage in owning your own business
What is unlimited liability
500
When a company goes public and offers a certain amount/percent of ownership through stocks. Usually a risky investments.
What is the Initial Public Offering
500
The year the Stock Market crashed and launched the United States into the Great Depression.
What is 1929
500
The group in charge of the FED who are located in Washington DC and nominated by the President.