This is an organized way to provide for the needs and wants of a society.
What is an economic system?
100
The purpose of these are to raise revenue for the government
What are taxes
100
This refers to items that are produced in the United States and then sold to other countries.
What are exports
100
This is the downward sloping curve that represents the quantities consumers are willing and able to purchase at all prices
What is a demand curve?
200
This is the term that refers to the skills, motivation and abilities of a people.
What is human capital
200
Unlike market economies, this system is able to change drastically in a short amount of time because of strong government leadership
What is a command economy?
200
This is a tax that is designed to reduce consumption of a product that is thought to be socially undesirable
What is a sin tax?
200
This is someone who favors restrictions of trade.
What is a protectionist?
200
Name the functions of money.
What are a store of value, a measure of value and a medium of exchange?
300
This is the term for an item that is economically useful .
What is a good
300
This system is a favorite of economists because it is highly efficient and it provides the highest degree of consumer satisfaction.
What is a market economy?
300
This is the term given to an exception in the tax laws that may enable some people to avoid paying the tax.
What is a tax loophole?
300
A country has this if they are able to produce a good with a lower opportunity cost relative to another country.
What is comparative advantage?
300
This is the length of time for which a bond is issued
What is the maturity?
400
These are the basic economic questions
What is "what to produce?" "how to produce?" and "for whom to produce?"
400
In this system, the basic economic questions are answered based on culture and habit.
What is a traditional economy?
400
This is the largest source if Revenue for the federal government.
What is the individual income tax?
400
This agreement created a free-trade zone between the United States, Canada and Mexico.
What is NAFTA?
400
This investment consideration weighs the amount of uncertainty you are willing to tolerate in relation to the amount of money you could potentially make or lose.
What is the risk-return relationship?
500
This refers to the dollar value of all goods and services produced in a country in a year.
What is gross domestic product?
500
This is an economic goal of the United States that is based on preventing inflation.
What is price stability?
500
The term for the rise in interest rates for consumers caused by excessive government borrowing.