WorksheetsEconomic final (terms)
Total questions: 85
Worksheet time: 1hrs 4mins
What is the basic problem in economy?
Scarcity in resources
Father of the economy
Free enterprise system and mixed system
Installment debt owed on house, buildings, or land
Define capitalism
system in which economic decisions
are based on customs and beliefs that have been handed down from generation to
generation.
system of combining characteristics of
more than one type of economy.
economic system in which private individuals own the
factors of production.
system in which the government
controls the factors of production and makes all decisions about their use.
Adams smith
Father of traditional economy system
The father of command economic system
Father of market economic system
Father of free enterprise system
Mixed economic system
economic system in which private individuals own the
factors of production.
system in which the government
controls the factors of production and makes all decisions about their use.
system of combining characteristics of
more than one type of economy.
system in which economic decisions
are based on customs and beliefs that have been handed down from generation to
generation.
Traditional economic system
system in which economic decisions
are based on customs and beliefs that have been handed down from generation to
generation.
condition of not being able to have all of the goods and services
one wants, because wants exceed what can be made from all available resources
at any given time.
system in which the government
controls the factors of production and makes all decisions about their use.
value of the next best alternative given up for the
alternative that was chosen.
Command economic system
system of combining characteristics of
more than one type of economy.
Free enterprise system and mixed
system in which the government
controls the factors of production and makes all decisions about their use.
condition of not being able to have all of the goods and services
one wants, because wants exceed what can be made from all available resources
at any given time.
Market economic system
economic system in which private individuals own the
factors of production.
system of combining characteristics of
more than one type of economy.
economic system in which private individuals own the
factors of production.
system in which individuals own the
factors of production and make economic decisions through free interaction
while looking out for their own and their families' best interests.
What is America's economy called?
Free enterprise system and mixed
system.
condition of not being able to have all of the goods and services
one wants, because wants exceed what can be made from all available resources
at any given time.
value of the next best alternative given up for the
alternative that was chosen.
the study of how individuals and societies make choices about
ways to use scarce resources to fulfill their wants.
What is the number one way the businesses compete through?
ability of risk-taking individuals to develop new
products and start new businesses in order to make profits.
prices
the study of how individuals and societies make choices about
ways to use scarce resources to fulfill their wants.
previously manufactured goods used to make other goods and
services.
Credit
receipt of money either directly or indirectly to buy goods
and services in the present with the promise to pay for them in the future.
installment debt owed on houses, buildings, or land.
credit device that allows a person to make purchases
at many kinds of stores, restaurants, and other businesses without paying cash.
rating of the risk involved in lending money to a
specific person or business.
Principal
taves paid on land and buildings.
amount of money originally borrowed in a loan.
the inability to pay debts based on the income
received.
maximum amount of products a person can buy on
the promise to pay back.
Mortgage
fees involved in arranging for a mortgage or in
transferring ownership of property.
long-term agreement describing the terms under which
property is rented.
taves paid on land and buildings.
installment debt owed on houses, buildings, or land.
Credit limit
maximum amount of products a person can buy on
the promise to pay back.
rating of the risk involved in lending money to a
specific person or business.
device used to make cashless purchases; money is
electronically withdrawn from the customer's checkable account and transferred
directlv to the store's account.
taves paid on land and buildings.
Credit card
Making a budget.
device used to make cashless purchases; money is
electronically withdrawn from the customer's checkable account and transferred
directlv to the store's account.
credit device that allows a person to make purchases
at many kinds of stores, restaurants, and other businesses without paying cash.
long-term agreement describing the terms under which
property is rented.
Debit card
device used to make cashless purchases; money is
electronically withdrawn from the customer's checkable account and transferred
directlv to the store's account.
setting aside income for a period of time so that it can be
used later.
money a renter lets an owner hold in case the
rent is not paid on an apartment is damaged.
the inability to pay debts based on the income
received.
Credit rating
money a renter lets an owner hold in case the
rent is not paid on an apartment is damaged.
long-term agreement describing the terms under which
property is rented.
device used to make cashless purchases; money is
electronically withdrawn from the customer's checkable account and transferred
directlv to the store's account.
rating of the risk involved in lending money to a
specific person or business.
Bankruptcy
the inability to pay debts based on the income
received.
money a renter lets an owner hold in case the
rent is not paid on an apartment is damaged.
fees involved in arranging for a mortgage or in
transferring ownership of property.
Single-
family housing
What does a credit rating provide a measure of?
money a renter lets an owner hold in case the
rent is not paid on an apartment is damaged.
Amount a creditor is willing to lend
long-term agreement describing the terms under which
property is rented.
setting aside income for a period of time so that it can be
used later.
What is the best way to control you as a consumer?
setting aside income for a period of time so that it can be
used later.
money a renter lets an owner hold in case the
rent is not paid on an apartment is damaged.
fees involved in arranging for a mortgage or in
transferring ownership of property.
Making a budget.
Real estate taxes
Single-
family housing
loss of value because of wear and tear to durable
goods and capital goods; fall in the price of currency through the action of
supplv and demand.
taxes paid on land and buildings.
setting aside income for a period of time so that it can be
used later.
Lease
long-term agreement describing the terms under which
property is rented.
people who have invested in a corporation and own some of its stock
fees involved in arranging for a mortgage or in
transferring ownership of property.
device used to make cashless purchases; money is
electronically withdrawn from the customer's checkable account and transferred
directlv to the store's account.
Depreciate
setting aside income for a period of time so that it can be
used later.
fees involved in arranging for a mortgage or in
transferring ownership of property.
loss of value because of wear and tear to durable
goods and capital goods; fall in the price of currency through the action of
supplv and demand.
long-term agreement describing the terms under which
property is rented.
Define Closing Costs
loss of value because of wear and tear to durable
goods and capital goods; fall in the price of currency through the action of
supplv and demand.
Financing.
money a renter lets an owner hold in case the
rent is not paid on an apartment is damaged.
fees involved in arranging for a mortgage or in
transferring ownership of property.
Equity
fees involved in arranging for a mortgage or in
transferring ownership of property.
Amount of money that would be returned to a company’s shareholders if all of the assets were liquidated and all of the company’s debt was paid off in the case of liquidation
Making a budget.
money a renter lets an owner hold in case the
rent is not paid on an apartment is damaged.
Security Deposit
money a renter lets an owner hold in case the
rent is not paid on an apartment is damaged.
Single-
family housing
long-term agreement describing the terms under which
property is rented.
setting aside income for a period of time so that it can be
used later.
What type of Housing is the most expensive to buy and maintain?
maximum amount of products a person can buy on
the promise to pay back.
people who have invested in a corporation and own
some of its stock.
fees involved in arranging for a mortgage or in
transferring ownership of property.
Single-family housing
What is the number one problem of today's homebuyer?
Taxes- taves paid on land and buildings.
Financing.
the inability to pay debts based on the income
received.
maximum amount of products a person can buy on
the promise to pay back.
Savings
setting aside income for a period of time so that it can be
used later.
the inability to pay debts based on the income
received.
long-term agreement describing the terms under which
property is rented.
people who have invested in a corporation and own
some of its stock.
Stockholders
rating of the risk involved in lending money to a
specific person or business.
long-term agreement describing the terms under which
property is rented.
people who have invested in a corporation and own
some of its stock.
device used to make cashless purchases; money is
electronically withdrawn from the customer's checkable account and transferred
directlv to the store's account.
Stock
period of time at the end of which time deposits will pay
a stated interest rate of interest.
decrease in value of an asset or bond from the time it
was bought to the time it was sold.
increase in value of an asset from the time it was
bought to the time it was sold.
share of ownership in a corporation that entitles the buyer
to a certain part of the future profits and assets of the corporation.
Capital gain
increase in value of an asset from the time it was
bought to the time it was sold.
Price at which amount producers are willing to
supply is equal to the amount consumers are willing to buy.
period of time at the end of which time deposits will pay
a stated interest rate of interest.
To earn interest and
not spend it.
Capital loss
Federal Deposit Insurance Corporation.
period of time at the end of which time deposits will pay
a stated interest rate of interest.
decrease in value of an asset or bond from the time it
was bought to the time it was sold.
States that the quantity demanded and
price move opposite directions.
Maturity
period of time at the end of which time deposits will pay
a stated interest rate of interest.
decrease in value of an asset or bond from the time it
was bought to the time it was sold.
To earn interest and
not spend it.
States that the quantity demanded and
price move opposite directions.
What does the FDIC stand for?
Federal Deposit Insurance Corporation.
To earn interest and
not spend it.
A change in the price of
the produced.
surplus
What are good reasons to open a savings account?
To earn debts
To earn interest and
not spend
To earn
Money
A legal maximum price that may be charged for
a particular good or service.
A detailed financial forecast of your money is called
budget
law of demand
price of the product
shortage
The inverse relationship between the price and the quantity of a good
consumers will buy is called
law of demand
price of the product
budget
A legal minimum price below which a good or
service may not be sold.
A change in quantity supplied is caused by what?
Price at which amount producers are willing to
supply is equal to the amount consumers are willing to buy.
A legal maximum price that may be charged for
a particular good or service.
A legal minimum price below which a good or
service may not be sold.
A change in the price of
the produced
What does the law of demand state?
States that the quantity demanded and
price move opposite directions.
price of the product
A legal minimum price below which a good or
service may not be sold.
Price at which amount producers are willing to
supply is equal to the amount consumers are willing to buy.
On a demand curve, a change in the quantity demanded is caused by a
change in
budget
surplus
price of the product
shortage
What is the price floor?
Price at which amount producers are willing to
supply is equal to the amount consumers are willing to buy.
A legal maximum price that may be charged for
a particular good or service.
Goes down
A legal minimum price below which a good or
service may not be sold.
What is the price ceiling ?
Demand increases.
Price at which amount producers are willing to
supply is equal to the amount consumers are willing to buy.
A legal maximum price that the can charged for particular good or service
Demand decreases.
What does an effective price floor create?
surplus
shortage
Demand increases.
Supply increases.
Price ceilings tend to cause what?
Law of demand
Demand increases
Goes down
shortage and excess of demand
What is equilibrium price?
Goes up.
A legal maximum price that may be charged for
a particular good or service.
A legal minimum price below which a good or
service may not be sold.
Price at which amount producers are willing to
supply is equal to the amount consumers are willing to buy.
If a demand curve shifts to right what does it cause?
Supply decrease
Supply increase
Demand decrease
Demand increase
If a demand curve shifts to left what does it cause?
Demand decreases.
Supply decreases
Demand increases
Supply increases
If a supply curve shifts to right what does it cause?
Supply decrease
Goes up
Goes down
Supply increases
If a supply curve shifts to left what does it cause?
Supply decreases
Demand decrease
Supply increase
Surplus
If demand goes up; then the price does what?
Surplus
Goes up
A legal minimum price below which a good or
service may not be sold
Goes down
If supply goes up; then the price does what?
Demand increase
Supply decrease
Goes down
Goes up
If supply goes down; then the price does what?
Goes up.
Goes down.
Demand increases.
Shortage
Entrepreneur
when corporations involved in a chain of supply
merge.
tow corporations in the same business
merge.
person who organizes, manages, and assumes the
risks of a business in order to gain profits.
business owned and operated by one person.
horizontal merger
when tow corporations in the same business
merge.
business that two or more individuals own and operate
when corporations involved in a chain of supply
merge.
a single seller who controls the supply and price
of a good totally.
vertical merger-
owned by many people but treated by law as though it
were a person, it can own property, pay taxes, make contracts, and so on.
owner of a business.
when corporations provide different supply chain functions for a common good or service.
a single seller who controls the supply and price
of a good totally.
Proprietor
Owner of business
Owner of nation
Owner of stock
a single seller who controls the supply and price
of a good totally.
Define Sole Proprietorship
owned by many people but treated by law as though it
were a person, it can own property, pay taxes, make contracts, and so on.
business that two or more individuals own and operate
contract in which one business (the franchiser) sells to
another business (the franchisee) the right to use the franchiser's name and sell
its products.
business owned and operated by one person.
Define partnership
market situation in which there are numerous
buyers and sellers, and no single buyer or seller can affect the price.
a single seller who controls the supply and price
of a good totally.
owned by many people but treated by law as though it
were a person, it can own property, pay taxes, make contracts, and so on.
business that two or more individuals own and operate but also they share profit
Define corporation
a single seller who controls the supply and price
of a good totally.
market situation in which there are numerous
buyers and sellers, and no single buyer or seller can affect the price.
owned by many people but treated by law as though it
were a person, it can own property, pay taxes, make contracts, and so on.
all the activities needed to move goods and services
from the producer to the consumer.
Define franchise -
non ideal type of market structure that
include: monopoly, oligopoly, or monopolistic competition.
contract in which one business (the franchiser) sells to
another business (the franchisee) the right to use the franchiser's name and sell
its products.
a single seller who controls the supply and price
of a good totally.
Bureau of Mint.
pure monopoly
- a single seller who controls the supply and price
of a good totally.
market situation in which there are numerous
buyers and sellers, and no single buyer or seller can affect the price.
non ideal type of market structure that
include: monopoly, oligopoly, or monopolistic competition.
- all the activities needed to move goods and services
from the producer to the consumer.
Perfect Competition
total number of people 16 vears old or older
who are either employed or actively seeking work.
non ideal type of market structure that
include: monopoly, oligopoly, or monopolistic competition.
market situation in which there are numerous
buyers and sellers, and no single buyer or seller can affect the price.
all the activities needed to move goods and services
from the producer to the consumer.
Imperfect Competition
owner of a business.
when tow corporations in the same business
merge.
person who organizes, manages, and assumes the
risks of a business in order to gain profits.
non ideal type of market structure that
include: monopoly, oligopoly, or monopolistic competition.
How many factors of production are used to start a business?
Command economy, surplus
Land, labor,capital, enterprise
3
12
How many Federal Reserve Banks are there?
12
11
10
15
What is the Federal Reserve System also known as?
IAE
DEA
FAA
FED
List three functions of money
Bureau of mint
Medium of exchange, store of value, and
unit of accounting.
Capital land, entrepreneurs, labor
Food, shelter, water
Who makes all coins and currency?
FED
all the activities needed to move goods and services
from the producer to the consumer.
Gold and silver
Federal reserve banks/Bureau of Mint.
How many member banks are there in the Federal Reserve?
789
8,000
7,000
5,000
What was currency back by in the old day of America?
Unit of accounting
Medium of exchange
Gold and silver
Store value
Define Promotion
tow corporations in the same business
merge.
person who organizes, manages, and assumes the
risks of a business in order to gain profits.
use of advertising to inform consumers that a new or
improved product or service is available and to persuade them to purchase.
when corporations involved in a chain of supply
merge.
Define Civilian Labor Force-
total number of people 16 years old or older
who are either employed or actively seeking work.
all the activities needed to move goods and services
from the producer to the consumer.
Gold and silver
Medium of exchange, store of value, and
unit of accounting.
Define Minimum Wage Law-
unions and employers negotiate the
conditions of employment.
deliberate work stoppage by workers to force employers to
give in to all their demands.
association of workers organized to improve wages
and working conditions for its members.
federal law that sets the lowest legal hourly
wage rate that may be paid to certain types of workers.
Define Labor Union
association of workers organized to improve wages
and working conditions for its members.
unions and employers negotiate the
conditions of employment.
deliberate work stoppage by workers to force employers to
give in to all their demands.
(GDP) total dollar value of all final
goods and services produced in a nation.
Define Strike
deliberate work stoppage by workers to force employers to
give in to all their demands.
prolonged decline in general price level of goods and
services.
unions and employers negotiate the
conditions of employment.
-prolonged rise in the general price level of goods and
services.
Define Gross Domestic Product-
prolonged decline in general price level of goods and
services.
-prolonged rise in the general price level of goods and
services.
total dollar value of all final
goods and services produced in a nation.
a)boom/peak
b) recession
c) trough
d) recovery/
Define Inflation
prolonged rise in the general price level of goods and
services.
government supplies to its citizens; can be used by
many individuals at the same time without reducing the benefit each person
receives.
government activity that takes income
prolonged decline in general price level of goods and
services.
Define Deflation
-prolonged rise in the general price level of goods and
services.
taxes the same percentage of all incomes; as
income rises, the amount of tax paid also rises.
government supplies to its citizens; can be used by
many individuals at the same time without reducing the benefit each person
receives.
prolonged decline in general price level of goods and
services.
Draw and explain the Business Cycle
A cycle of expansion and contraction that economies undergo over time.
a)boom/peak
b) recession
c) trough
d) recovery/
Expansion: During an expansion, businesses and companies steadily grow their production and profits, unemployment remains low, and the stock market performs well.
Full enterpernores
prolonged decline in general price level of goods and
services.
Define Collective Bargaining
unions and employers negotiate the
conditions of employment.
government supplies to its citizens; can be used by
many individuals at the same time without reducing the benefit each person
receives.
-prolonged rise in the general price level of goods and
services.
government activity that takes income
Define public goods
takes a larger percentage of higher incomes than
lower incomes; justified on the basis of the ability to pay principle.
government activity that takes income
government supplies to its citizens; can be used by
many individuals at the same time without reducing the benefit each person
receives.
takes a larger percentage of lower incomes than
higher incomes.
Define income redistribution
government activity that takes income
takes a larger percentage of higher incomes than
lower incomes; justified on the basis of the ability to pay principle.
taxes the same percentage of all incomes; as
income rises, the amount of tax paid also rises.
government supplies to its citizens; can be used by
many individuals at the same time without reducing the benefit each person
receives.
Proportional tax
takes a larger percentage of lower incomes than
higher incomes.
-prolonged rise in the general price level of goods and
services.
tax is an income tax system that levies the same percentage tax to everyone regardless of income
takes a larger percentage of higher incomes than
lower incomes; justified on the basis of the ability to pay principle.
PROGRESSIVE TAX
government activity that takes income
Takes a larger percentage of higher incomes than
lower incomes; justified on the basis of the ability to pay principle.
takes a larger percentage of lower incomes than
higher incomes.
government supplies to its citizens; can be used by
many individuals at the same time without reducing the benefit each person
receives.
REGRESSIVE TAX
association of workers organized to improve wages
and working conditions for its members.
takes a larger percentage of higher incomes than
lower incomes; justified on the basis of the ability to pay principle.
-prolonged rise in the general price level of goods and
services.
The average tax burden decreases with income. takes a larger percentage of lower incomes than
higher incomes.
