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| Name the 2 major economic systems |
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| The basic promble of economics is |
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| Land, labor, capital, entrepeneurship |
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| Name the 4 factors of production |
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| in capitalism, facorts of production are owned by |
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| the way in which a country uses its resources to satifsy its needs is called it's |
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| economic system that places its high value on individual enterprise is |
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| describes rights of tenants and of landlords |
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| gathering of information from different sources before making a purchase |
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Definition
| what age group pays highest insurance premiums |
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| when you take out a loan or buy something on credit, you have gone into debt and must pay back the debt plus |
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| interest rate charged to banks best customers is |
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| total amount of money you borrow from a bank is called the |
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Definition
| all U.S. money is ______ by law |
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| medium of exchange, unit of account, store of value |
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Definition
| name the 3 functions of money |
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Term
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Definition
| what is the main job of the federal reserve |
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Definition
| loan to a government or company that earns you interest |
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Definition
| inflation is a serious problem for the |
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| a decline in value over time is called |
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| profits of a company distributed to stockholders |
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Definition
| preferred stock gives you a yearly |
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Definition
| oldest, most common type of business |
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Term
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Definition
| largest amount of business is done by this |
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| gross domestic product (GDP) |
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Definition
| broadest measure of the economy |
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Definition
| gdp is always expressed in |
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Definition
| responsibility for all debts of a business |
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Definition
| principle incentive to go into business is to |
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Definition
| the quantity demanded depends mostly on |
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Definition
| quantity and price move in the opposite direction |
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Definition
| higher _____ prompt manufacturers to produce more |
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Definition
| the point of meeting where supply and demand meet |
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Definition
| economic theory that concentrates on the provision of goods and services is called |
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| diminishing marginal utility |
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Definition
| when you receive less satisfaction from each additional unit purchased this is called |
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Definition
| tax that increases as your income goes up is |
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Definition
| tax that takes a lower percentage of income is |
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Definition
| when everyone pays the same percentage of their income is |
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| benefits received, ability to pay |
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Definition
| name the 2 principles of taxation |
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| difference between a nations imports and exports |
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| a nations ability to produce goods at a lower opportunity cost is called its |
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| those who argue jobs will be lost without trade restrictions are called |
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