What should be the most important factor considered when you make a decision?

Because of scarcity, people are forced to make _________ in about how to use resources.

A trade-off is

Which one of these definitions best describe Opportunity Costs?

The number one thing that is given up in order to do something else is referred to as the _________.

"Opportunity cost" is related to the basic economic concept known as ___.

If you could either study for an economics test, go to dinner with friends, or play basketball tonight, but you decided that good grades were more important than basketball (though you REALLY wanted to play ball), what would be your opportunity cost?

Which of the following represents a marginal cost?

According to rational economic decision making, we should accept an option when

What does a cost-benefit analysis compare?

If the fixed cost of producing dresses are $1,000.00 and the variable costs are $500.00, then the total cost is

The loss of years of income resulting from the decision to go to college is the

a society’s way of coordinating the production and consumption of goods and services

an economic system in which decisions about production and consumption are based on custom and tradition

an economic system in which decisions about production and consumption are made by a powerful ruler or government

an economic system in which economic decisions are left up to individual producers and consumers

income earned when an individual sells or rents a factor of production that he or she owns

an economic system in which both the government and individuals play important roles in production and consumption

in nations that value economic freedom and efficiency you will find

Businesses provide government with...

In terms of resources, what do households provide for businesses?

What are the four main parts of the circular flow diagram?

Where are factors of production (land, labor, etc) exchanged in the circular flow model?

Where do factors of production (land, labor, etc) come from in the circular flow model?

Someone buys a car in exchange for a large amount of money. They have completed an exchange in which part of the circuclar flow model?

Money exchanged between an individual and a store for a good or service.

A type of savings that signifies that you own a part of a corporation and a claim to their assets and earnings.

A part into which a companies capital is divided, entitling the shareholder to a portion of the profits.

The owner of a companies shares.

An amount of money paid by a company regularly to it's shareholders

An investment program funded by shareholders that trades in diversified

Buying and Selling Stocks

Randy just bought 800 shares of stock in Facebook at $19.50 per share. A stock company that you have been working with charges $10 per transaction and you want to sell because the current rate for your shares skyrocketed and is at $34.50 per share. How much did Randy buy from Facebook?

EE Bonds & I Bonds are similar in that. . .

In college, people can major in a wide variety of fields including medicine, journalism, business, and design among others. This is an example of the concept of

When two people engage in trade, both sides will benefit if the trade meets which two requirements?

Susan offers to trade her old iPod for Claudia's cell phone and Claudia accepts. Assuming both products work perfectly, we can conclude that

What is the relationship between specialization and voluntary exchange?

What percent of students receive scholarships or grants for college?

What percent of high school seniors have filed their FAFSA to access college aid?

Which of the following statements is TRUE about filing the FAFSA?

What is the difference between grants and scholarship?

Which of the following is the biggest cost in paying for college for most students?

What does FAFSA stand for?

Which of these options depicts the types of financial aid from MOST attractive to LEAST attractive?

Your financial aid package at your dream school includes eligibility for a work-study job. Which of these is a valid reason for rejecting that opportunity?

Net pay is ...

What is the definition of Gross Pay?

Money paid to the government

The company you work for deposits the net pay straight into your bank account. This is called..

Money taken out of paycheck to cover expenses including taxes and health insurance

YTD stands for:

Which are considered mandatory deductions from a paycheck?

A fixed amount of money per year paid to an employee to do a job is known as a _____?

This card is linked to a checking account

Users borrow money on the card and pay it at a later time

The cost of borrowing money is referred to as

This type of card allows you to withdraw money directly out of your checking account to pay for things...

What is a SAVINGS ACCOUNT?

Mikey is going to college and will not be home often to visit his home bank. He is responsible for his own bills. He needs a way to access his money and track what he spends.

To take money out of the account.

The second set of numbers; identification number of the owner's checking account

A numerical code used in many electronic financial transactions. Usually required when using bank debit cards, and usually contains 4 digits.

Some bank accounts offer this as a way to allow customers to complete some financial transactions electronically via the internet.

Company XYZ produces cheese in Scotland and exports the cheese, which costs $100 per pound, to the United States. A 20% tax would require Company XYZ to pay the United States government $20 to export the cheese. This is a(n)...

In 2010, Mexico imposed a limit of 250,000 tons of sugar that could be imported into Mexico. This is a(n)...

In 1962, the United States prohibited all imports and exports to and from Cuba. This is a(n)...

In 2010, China announced that it would impose and import a tax on American poultry of up 105.4 percent. This is a(n)...

In 2005, the United States limited the imports of Chinese textiles to 7.5% a year. Is this a(n)...

In June of 2013, the European Union described to lift restrictions of the trade of weapons to Syrian rebels. This is a(n)...

The principle that a country benefits from specializing in the production at which it is relatively most efficient thus has the comparative advantage.  This is true because of lower opportunity costs

When one country can produce a good more efficiently than another country.  The ability to produce more of a given product using a given amount of resources

The process by which businesses or other organizations develop international influence or start operating on an international scale

Goods and services produced in one country and sold to other countries

Goods and services consumed in a country but which have been purchased from other countries

When a countries imports exceeds its exports

When a countries exports exceeds its imports

A legal process to get out of debt when you can no longer make all your required payment.

The most popular bankruptcy option for a small business seeking to restructure and continue operating.

How many years does bankruptcy stay on your credit?

This type of card is designed for people with bad or no credit.

The entire amount of money a person owes to lenders.

Sally is not feeling well so her mother takes her to the doctor. The doctor tells her she has strep throat, gives her medication, and sends her home to recover. What types of insurance would be used in this case?

Joey's father is in a car accident and cannot work. What type of insurance replaces his father's earnings?

David's mother is killed in an automobile accident. What type of insurance would provide his family financial support to cover the paid and unpaid work his mother performed?

The money paid to an insurance company to purchase a policy

The chance of loss from an event that cannot be entirely controlled

Which of the following is a way to lower your insurance premium?

A formal request made by the insurance policyholder to the insurance company for payment or services covered by the insurance policy.

The length of a bond

What federal organization insures banks?

Type of savings plan where money is left on deposit for a stated period of time.

Type of savings plan that requires a high minimum balance and pays variable interest rate.

Fee for writing a check for more money than you have in your account.

The FDIC insures bank accounts against bank failure up to the sum of

What is credit?

Why is credit important?

Which component of creditworthiness is based on how frequently a person makes their monthly payments on time?

What does the debt-to-income ratio compare?

What is the recommended percentage of available credit to keep open?

What is the best way to avoid paying interest on a credit card?

Which factor is not considered in calculating a credit score?

Which statement describes the law of demand?

Which explains why a supply line is upward sloping?

What causes a shift in the demand curve?

What is the Equilibrium Price?

The diagram represents a(n)

When there is a shortage the price will usually?

The diagram represents a

When the demand curve shifts to the left, this suggests demand has

When the demand curve has shifted to the right, this suggests demand has

When price increases, quantity demanded

When price increases, quantity supplied

Products that tend to be used together that typically have little value on their own are considered

If your income decreases, how would that affect your demand for normal and inferior goods?

What is the best measure of a nation's standard of living?

Real GDP

When a farm worker loses his job after the harvest, it is an example of

Which statement describes full employment?

A general increase in prices is called

People who underemployed

The inflation rate is

Inflation reduced people's purchasing power because

In which part of the GDP calculation does this fit?

You spend $15 at AMC to see the latest Avengers movie.

In which part of the GDP calculation does this fit?

The US military spends $5 billion on five new helicopters.

In which part of the GDP calculation does this fit?

The local taxi service purchases new vehicles for the

company.

In which part of the GDP calculation does this fit?

Australia exported $6 billion worth of goods in 2018, but imported $10 billion in goods.