1. EOC Survivor Season 3 Chapters 18-26

2. Question 1 What is the desire to make money called? (Profit incentive or profit motive)

3. Question 2 What is a trade deficit? (Where a country imports more than it exports.)

4. Question 3 What is monetary policy? (Controlling the economy through the money supply)

5. Question 4 What are 2 places you can go to get a loan? (Commercial banks, S&Ls, finance stores, and Credit Unions)

6. Question 5 What are the 3 basic economic questions that all societies must answer? (What to produce, how much to produce, for whom to produce?)

7. Question 6 What condition exists when a single seller controls an entire market? (A monopoly)

8. Question 7 What are tariffs? (Taxes on imports)

9. Question 8 What is a business with a single owner called? (A Sole Proprietorship)

10. Question 9 These are Physical resources needed to make goods and services. (Capital)

11. Question 10 What are two other names for a market economy? (Capitalism and Free Enterprise system)

12. Question 11 Give an example of a government-run monopoly. (Post Office, electric co., cable co., etc.)

13. Question 12 What is a trade surplus? (When a country exports more than it imports)

14. Question 13 What word means that our country is reliant upon other nations through trade? (Interdependence)

15. Question 14 What type of tax is the largest source of revenue for the federal government? (Individual income taxes)

16. Question 15 What is the choice given up in a trade- off called? (Opportunity Cost)

17. Question 16 What is the largest expenditure for the federal government? (Entitlements or payments to individuals)

18. Question 17 This is the basic problem of economics that results in trade-offs. (Scarcity)

19. Question 18 Who is the father of socialism and communism? (Karl Marx)

20. Question 19 This is any work purchased for a fee. (Service)

21. Question 20 Who is the father of capitalism? (Adam Smith)

22. Question 21 This word means a rivalry of sellers so that no one producer can control the market. (Competition)

23. Question 22 This is any tangible item purchased for a fee. (Good)

24. Question 23 Which type of economic system is also called a command economy? (Communism)

25. Question 24 These are Natural resources needed to make goods and services. (Land)

26. Question 25 This is the total dollar value of all final goods produced in a country in a year. (GDP)

27. Question 26 This is the lowest point in the business cycle. (A trough)

28. Question 27 This is what backs the US currency. (Confidence)

29. Question 28 What term describes when demand exceeds supply and a rise in price results? (Shortage)

30. Question 29 How do corporations easily raise revenue? (Issue more shares of stock)

31. Question 30 What term describes when supply exceeds demand and a drop in price results? (Surplus)

32. Question 31 What term refers to the amount charged where supply and demand intersect? (Equilibrium or Market Price)

33. Question 32 Which type of economic system is also called a market economy? (Capitalism)

34. Question 33 Who controls monetary policy in the US? (The Federal Reserve)

35. Question 34 Which type of economic system is also called a mixed economy as a blend of communism & capitalism? (Socialism)

36. Question 35 What 3 benefits does competition bring to consumers? (Lower prices, better quality, more selection)

37. Question 36 What government agency oversees the Clean Air Act & the Clean Water Act? (The EPA)

38. Question 37 Name 2 Communist countries today. (North Korea, Cuba, Vietnam, & China)

39. Question 38 What do you call the resources needed to produce goods and services? (Factors of production)

40. Question 39 What is the study of how people satisfy unlimited wants and needs with what they have available? (Economics)

41. Question 40 This is the idea that as prices increase the amount people want decreases. (Law of Demand)

42. Question 41 What is a trade quota? (A limit on how many items can be imported)

43. Question 42 Which of the factors of production can a business do without? (None of them)

44. Question 43 What are two average fixed costs that most businesses have? (rent/mortgage, utilities, wages, etc.)

45. Question 44 What is a business owned by 2 or more individuals for their own profit called? (A Partnership)

46. Question 45 This is the idea that as prices increase the amount producers sell increases. (Law of Supply)

47. Question 46 These are entrepreneurial resources needed to make goods and services. (Management)

48. Question 47 What is a person who takes a risk to offer or make a new good or service called? (Entrepreneur)

49. Question 48 These are Human resources needed to make goods and services. (Labor)

50. Question 49 A business that is treated like an individual under the law is what type of business? (A Corporation)

51. Question 50 When does the fiscal year begin for the federal government? (October 1)

52. Question 51 What is a comparative advantage that Saudi Arabia has over the US? (They can produce oil much more cheaply than we can)

53. Question 52 What agency recalls dangerous products? (Consumer Product Safety Commission)

54. Question 53 Why is Free Enterprise System a good name for the US economy? (Because individuals start and patronize businesses with little government interference)

55. Question 54 How does an auction illustrate the law of demand? (At low prices there are many bidders, but as the price rises that # drops)