2. 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

3. The government sector of the United States receives most of its revenues from

4. What is taxes on individuals and businesses?

5. The most common type of business in the United States

6. What is partnership?

7. level of government responsible for maintaining interstate highways

8. What is state?

9. lowest minimum amount that can be paid to most workers

10. What is minimum wage?

11. Situation where the Government spends more than it collects in revenue

12. What is deficit?

13. The loss of years of income resulting from the decision to go to college.

14. What is opportunity cost?

15. Responsible credit card use requires a full understanding of this

16. What is APR? Annual percentage rate

17. Money income left after all taxes have been paid

18. What is disposable income?

19. Someone who buys goods and services

20. What is a consumer?

21. Making purchases based on emotion rather than on reason

22. What is impulse buying?

23. Countries with free trade agreements do not have these

24. What are tariffs? Tariff

25. the total demand of all consumers for a product or service

26. What is market demand?

27. extent to which a change in price causes a change in quantity demanded

28. What is demand elasticity?

29. measure of how the quantity supplied of a good or service changes in response to changes in price

30. What is supply elasticity?

31. combined supply schedules of all businesses that provide the same good or service

32. What is market supply?

33. The difference between what it costs to produce something and the price the buyer pays for it

34. What is profit?

35. Anything produced in an economy that is saved to be used to Produce other goods and services

36. What is capital?

37. Situation in which quantity supplied is greater than quantity demanded

38. What is surplus?

39. To use money to help a business get started or grow with the hope the business with earn a profit

40. What is invest?

41. The problem that resources are always limited in comparison with the wants people have

42. What is scarcity?

43. A combination of the characteristics of two or more of the three basic economic systems

44. What is mixed economy?

45. when the government or a central authority owns or controls the factors of production and makes the basic economic decisions

46. What is command economy?

47. when private individuals own the factors of production and are free to make their own choices about production, distribution, etc

48. What is market economy?

49. When individuals in a market economy are free to undertake economic activities with little or no control by the government

50. What is free enterprise economy?

51. when the basic economic decisions are made according to long established ways of behaving that are unlikely to change

52. What is Traditional Economy?