What is?
1. The machines, tools, $, and factories used to produce goods and services.
2. Gifts of nature: land, water, animals, minerals, trees, climate etc...
3. The mental or physical skills of workers used to carry on business.
4. The loss of the next best alternative. The single most valuable opportunity given up when a choice is made.
5. The concept of unlimited wants and limited resources.
6. Any use of land, labor, and capital that produces goods more efficiently.
7. The four resources collectively are defined as this?
8. The ability of people to start their own businesses.
9. Choosing less of one thing in order to get more of something else.
10. The different combinations of goods and services that can be produced from a fixed amount of resources in a given time frame is depicted this way.
11. Certificates issued by a government or firm in exchange for borrowed money.
12. A credit device used to make cashless purchases of goods and services; money is electronically with drawn from the consumer’s checkable account and transferred directly to the store’s bank account.
13. A credit device that allowing the consumer to buy goods or services from many types of stores, without cash, and to pay for them later.
14. Time deposit savings plan offered by banks and thrifts.
15. Money earned from shares of stocks (common stock à company earns a profits).
16. The cost of credit expressed as a yearly percentage.
17. A lien on property (dwelling) that secures the promise to repay a loan.
18. The amount of money originally borrowed in a loan 19. A certificate that states part ownership in a corporation or shares in a company.
20. Banks offer these accounts to customers at interest rates 1% to 2% lower than CDs.
21. Products that are used together, like computers and printers or hot dogs and fries.
22. The price at which the quantity demanded equals the quantity supplied.
23. As the price of a product decreases people buy more and as prices increase people buy less.
24. Two or more products whose uses are similar enough that one can replace another.
25. As the price goes up producers will make more goods, and as prices fall producers make less.
26. The lowering of satisfaction one gets from an additional unit consumed.
27. The price level in which a good or service cannot exceed below legally.
28. When the quantity demanded is responsive to the change in price.
29. The price level in which a good or service cannot exceed below legally.
30. The price level in which a good or service cannot exceed above legally.
31. The study of how individuals and nations make choices about how to use scarce resources to fulfill their wants is?
32. The next best alternative that had to be given up?
33.The basic problem in economics is that resources are?
34. The economic system in which most of the factors of production are privately owned and operated for profit?
35, The economic system in which most of the factors of production are publicly owned and operated by the society, not the government? (Marx’s definition)
36. If you see an advertisement on the side of the road, that reads; buy one large pizza get the second one for free, is the second pizza free?
37.Which one is not one of the Six Core Economic Principals?
38. The follow are the Broad Social Goals of the United States Except?
39. A consumer is?
40. A circular flow model illustrates?
41. The total dollar value of all goods and services produced in the nation during a single year is known as?
42. Tragedy of the Commons happens when property is?
43.The Job of Economic Systems is to decide all of the following except?
44. A prolonged rise in the general price level of goods and services is called?
45. The policy that involves changing the rate of growth of the supply of money to affect the business activity in the economy is called?
46. In contrast to stock, a bond gives the investor?
47. The trade-off for easy withdrawal of cash from checking/savings accounts is?