Extra cost of producing one additional unit of production

An amount of money owed by a person, firm or government (the borrower) to a lender

Fundamental economic problem facing all INDIVIDUALS that results from a combination of limited resources and unlimited wants

The individual next, best alternative

The investments that a company or individuals plan on holding for less than a year (cash, checking accounts, some savings accounts, etc)

The investments that a company or individual plan on holding for more than a year (stocks, bonds, real estate, etc)

An arrangement in which a lender give money or property to a borrower, and the borrower agrees to return the property or repay the money, usually along with interest, at some future point(s) in time

Determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments

Calculated on the initial principal and also on the accumulated interest of previous periods of a deposit or loan

Interest bearing deposit not requiring prior notice before making a withdrawal

Certificates of deposit, a certificate issued by a bank to a person depositing money for a specified length of time

Certificate of ownership in a corporation

Demand for a factor of production or intermediate good that occurs as a result of the demand or another intermediate or final good

1.A plan for future spending and saving, weighing estimated income against estimated Expenses.

3.The state of owing money to another individual or business, or the amount of money borrowed.

8.The money an individual spends regularly for items or services.

10.Tax levied by a government directly on personal income.

Income is:

These expenses are NOT necessary. You don't need to spend this money.

This is what happens if you spend more than you save:

The purpose of an emergency fund is:

When you buy something at the store, you must pay:

According to a rule of thumb, rent shouldn't take up more than ___ % of your take-home pay.

Which of the following is NOT a cost of owning a car?

What is a deductible?

Unequal distribution of household or individual income across the various participants in an economy

A chance to improved financial conditions (personal, household, or domestic)

County's ability to produce more of a given product than another country can

County's ability to produce a given product relatively more efficiently than another country; production at a lower opportunity cost

A business approach that places emphasis on resource and product quality in targeting multiple customer types

Frontier

Diagram representing max. contributions of goods ad/or services an economy can produce when all productive resources are fully employed

Tax placed on am imported product

Limit on the amount of a good that can be allowed into a country

Raw materials or products that can be bought and sold

Trade between countries without tariffs, quotas, and other trade barriers

A form of restrictive trade where obstacles to trade are set up; i. e. quotas

Total amount of consumer income before taxes

Total amount of consumer income before taxes

Personal income minus individual taxes

Unequal distribution of household income across the economy

Curve or graph showing how much the actual distribution of income differs from an equal distribution

Amount of payment made for the use of borrowed money

Sustained period during which a nations total output of goods and services increases

Sum of people's skills, abilities, health and motivation

The quality of life based of ownership of necessities and luxuries that make life easier

Dollar value of all final goods, services, and structures produced within a county's national borders during a one-year period

Rise in the general level of prices

Number of people who are able to work but unemployed

The law of demand states that people…

Demand is the willingness and _________ to buy goods and services.

When plotting a demand curve, one needs to use a demand _______________ in order to determine the various quantities demanded and different prices.

The total demand for Apple products is called its what?

What is the satisfaction a consumer receives when they consume a product?

The concept of diminishing marginal utility means that?

Which of the following can impact demand?

What is the current federal minimum wage?

The minimum wage is an example of a what?

Why do we have price ceilings?

Substitutes are products that can be replaced with one another in case the price of one _____________.

Which of the following are substitutes?

What is the amount of a good or service that producers are willing to sell?

What is a government payment to producers for a specific action?

An intersection of the supply and demand curves is called the _______________ _____________, this is where the amount demanded equals the amount supplied.

Why is it important for businesses to know how much of their product to supply and how much will be demanded by customers?

A surplus occurs when the amount demanded is ___________ than the amount supplied.

A shortage occurs when the amount supplied is __________ than the amount demanded.

Which of the following states that suppliers will sell more items at a higher price and less items at a lower price?

With complements, like coffee and doughnuts, if you increase the price for one the demand for the other ____________.

With substitutes, like Pepsi and Coke, if you reduce the price for one the demand for the other __________.

Suppose medical professionals announce that consuming tea will increase your IQ and make you smarter. How will this influence the tea market?

Suppose medical professionals announce that consuming tea will increase your IQ and make you smarter. How will this influence the tea market?

Technological advancements in the production of chromebooks have dramatically improved the production process. How has this influenced the chromebook market?

Technological advancements in the production of chromebooks have dramatically improved the production process. How has this influenced the chromebook market?

Economics is the study of Choices and Decision Making.

This is the study of Choices and decisions of individuals and small groups.

This is the study of Choices and decisions of National and or Global economy. A study of the major economic ideas.

__________is something that will always exist. The wants and needs of human beings will always exceed the amount of resources available.

__________is only Temporary and is not the norm. The item is going to be replaced.

A basic question societies must address of economics-

Which of the following is NOT a factor of production?

The means by which something is produced (tools, equipment, machinery, factories), the money.

refers to society's limited natural resources (landforms, minerals, vegetation, animal life and climate)

This is a risk-takers who combine the land, labor and capital into new products

the workers who apply their efforts, abilities and skills to production

They are tangible and can be classified as consumer/capital and durable/nondurable.

This is work performed for someone and are intangible

This is work performed for someone and are intangible

This is work arranged so that individual workers do fewer tasks than before.

Education improves income level.

The Wealthy of Nations says that the division of labor and specialization would lead to an increase in production and greater wealth of nations

Adam Smith wrote the Wealth of Nations, focusing on how nations improve wealth

The line on the graph represents the full potential – the frontier – when the economy employs all of these productive resources

All of the following are elements of capitalism

economic system featuring characteristics of both planned and market economies

goods and services are produced the way it has always been done

Which of the following is an economic system in which the government controls a country's economy.

Which of the following is an economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets

Which of the following is a theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state.

Which of the following is a political theory advocating state ownership of industry