You
When you have to make a selection between possible alternatives you are making a what?
Choice
What is the amount of goods or services available to consumers?
Supply
Private financial institutions help facilitate an exchange of money between _______ and _______
Savers & Borrowers
The main federal agency designed to enforce consumer protection laws is the?
Federal Trade Commission (FTC)
How have technological innovations changed the workplace?
Keeping pace with technological changes makes an individual more employable.
What is given up when a choice is made?
Opportunity Cost
When supply is high and demand is low, the prices of an item will what?
Decrease
Worldwide markets in which the buying and selling of goods and services by all individuals, nations, and businesses take place is called the _______
Global Economy
A basic set of protections, agreed upon by society and written into law, that apply to purchases of merchandise and services in the United States is?
Consumer Rights
Steve owns a shoe store. Steve decides what he wants to do with his profits at the end of each month. John lives in what type of economy?
Mixed Market
The process of combining resources to make good and provide services is called what?
Production
Crave Cookies is opening near Cookie Crumble. How will the opening of this new store most likely affect the buyers of cookies?
Customer service at both stores will improve
Tyler decides to attend college instead of entering the work force out of high school. He is hoping to increase his future earning power, and in return, is giving up the immediate income and experience of starting work immediately. What is Tyler's opportunity cost in this scenario?
Immediate income and experience
what is a key revenue source for local governments?
In 2000 Heinz made a green colored ketchup. Sales were slow and eventually Heinz stopped producing green ketchup. What characteristics of the American economy is illustrated in this scenario?
Consumer Sovereignty
The using of goods and services is called what?
Consumption
Laura has a new pizza shop. Which of the following is a capital resource for her new shop?
Cheese, Flour, Cooks, or Pizza Oven
Pizza Oven
Which of the following taxes allowed the National Government, through the 16th Amendment, to make people pay a portion of what they earn?
Income Tax
Why can't T-Mobile buy out Verizon and AT&T and have a giant monopoly?
Because antitrust laws keep competition in the market.
In a mixed economy, what sector acts like a free market?
Private
What are the three basic questions of economics?
How will it be produced?
For whom will it be produced?
What will be produced?
what is the point where supply and demand meet? (The price where everyone wants to sell as that price can sell, and everyone who wants to buy at that price can buy.)
Equilibrium Price
What is the official term for the American dollar?
An important job of the FTC (Federal Trade Commission) is to?
Keep business from unfair practices
In the economic/circular flow diagram, who buys the resources, makes products to sell to individuals, other businesses, and governments, and uses profits to buy more resources.
Businesses