Econ Final Prep

Front

Lowest legal wage paid. Varies by state.

Back

Minimum Wage

Front

The lowest rate banks charge their best customers.

Back

Prime Rate

Front

Risk takers in search of profits.

Back

Entrepreneurs

Front

The fundamental economic problem facing all societies.

Back

Scarcity

Front

Monetary value of all goods, services and structures produced within a country in a one-year period.

Back

Gross Domestic Product

Front

True or False? Competition is a very important aspect of a healthy market economy.

Back

True

Front

Government program which provides medical care for older Americans.

Back

Medicare

Front

True or False? The Federal Reserve features a Board of Governors.

Back

True

Front

An economy where a central group or government makes all major economic decisions.

Back

Command Economy

Front

The father of economics.

Back

Adam Smith