2 pt 3 pt 4 pt 5pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2pt 3 pt 4pt 5 pt 1pt 2pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4pt 5 pt 1pt Microeconomics U.S. Macroeconomics Business Economy
The government sector of the United States receives most of its revenues from
What is taxes on individuals and businesses?
The most common type of business in the United States
What is partnership?
level of government responsible for maintaining interstate highways
What is state?
lowest minimum amount that can be paid to most workers
What is minimum wage?
Situation where the Government spends more than it collects in revenue
What is deficit?
The loss of years of income resulting from the decision to go to college.
What is opportunity cost?
Responsible credit card use requires a full understanding of this
What is APR? Annual percentage rate
Money income left after all taxes have been paid
What is disposable income?
Someone who buys goods and services
What is a consumer?
Making purchases based on emotion rather than on reason
What is impulse buying?
Countries with free trade agreements do not have these
What are tariffs? Tariff
the total demand of all consumers for a product or service
What is market demand?
extent to which a change in price causes a change in quantity demanded
What is demand elasticity?
measure of how the quantity supplied of a good or service changes in response to changes in price
What is supply elasticity?
combined supply schedules of all businesses that provide the same good or service
What is market supply?
The difference between what it costs to produce something and the price the buyer pays for it
What is profit?
Anything produced in an economy that is saved to be used to Produce other goods and services
What is capital?
Situation in which quantity supplied is greater than quantity demanded
What is surplus?
To use money to help a business get started or grow with the hope the business with earn a profit
What is invest?
The problem that resources are always limited in comparison with the wants people have
What is scarcity?
A combination of the characteristics of two or more of the three basic economic systems
What is mixed economy?
when the government or a central authority owns or controls the factors of production and makes the basic economic decisions
What is command economy?
when private individuals own the factors of production and are free to make their own choices about production, distribution, etc
What is market economy?
When individuals in a market economy are free to undertake economic activities with little or no control by the government
What is free enterprise economy?
when the basic economic decisions are made according to long established ways of behaving that are unlikely to change
What is Traditional Economy?