Economics
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| the study of how individuals and societies make choices about ways to use scarce resources to fulfill their wants | economics
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| items of value that can be seen and touched | goods
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| the value of the next best alternative given up for the choice that was chosen | opportunity costs
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| exchanging one thing for another | trade off
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| ability of risk taking individuala to deliver new products | entrepreneurship
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| items of value that cannot be seen or touched | services
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| condition of not being able to have all the goods or services one wants | scarcity
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| another name for natural resources present without human intervention | land
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| which one of these is not one of the basic economic questions | when
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| list four of the five factors of production | land- labor- capital- technology- entrepreneurship
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| his writing established the basic economic thought in the united states | adam smith
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| economic system in which basic economic activity stems from ritual, habit, or custom | traditional economy
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| economic system in which basic economic decisions are made by a central authority | command economy
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| economic system in which basic economic decisions are made by people and firms acting in their own best interests | market economy
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| which of the following is not a major economic and social goal of the united states | economic interdependence
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| economic goals are important because they | help people determine if an economic system meets their needs
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| why is economic growth an important goal of the united states | economic growth is needed to better satisfy the wants and needs of a growing population
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| economic system in which private citizens own the factors of production | capitalism
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| the struggle among sellers to attract consumers while lowering costs | competition
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| all of the following are characteristics of capitalism except | government control
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| why are entrepreneurs important in a free enterprise economy | entrepreneurs start new businesses
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| a business owned and run by one person | sole proprietorship
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| business organization recognized by law as a separate legal entity having all the rights of an individual | corporation
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| what is the most common form of business organization in the united states | sole proprietorship
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| basic ownership of a corporation, including voting rights, takes the form of | common stock
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| business combination of firms involved in different steps of manufacturing or marketing | vertical merger
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| horizontal mergers involve | two or more firms that produce the same kind of product
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| what is the law of demand |
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| what is the law of supply |
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| what is created when the price is set higher than the point where supply and demand meet | surplus
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| what is created when the price is set lower than the point where supply and demand meet | shortage
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| what is the name of the point where supply and demand meet | equilibrium
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| when the government sets a cap on what price business can change citizens | price ceiling
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| when there is a change in what people will buy because a change in price is called | price effect
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| equilibrium is important because | it balances the amounts demanded and supplied
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| if there is a surplus in a market, the price is likely to | decrease
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| change in price that creates a shift in demand along the demand curve | price effect
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| products that tend to be used together | complements
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| actual price and quantity sold is determined in market | invisible hand
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| deals with behavior and decision making of small units | microeconomics
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| money that a government has declared to be legal tender | fiat money
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| money that has an alternative use as an economic good | commodity money
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| how many federal reserve banks are there | 12
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| which reserve bank is closest to west orange | atlanta
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| money loses its value when it | becomes too plentiful
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| in the organization of the federal reseve, this group meets to discuss interest rates and well being of the economy | open market committee
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| name the two men who developed our monetary system | hamelton and franklin
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| what percent are most banks required to keep reseve with the federal reserve | 10 percent
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| relatively high tax on socially undesirable products, such as tobacco | sin tax
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| tax on tangible and intangible possessions, such as real estate, buildings, furniture, stocks, bonds, and bank accounts | property tax
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| tax on people's earnings | individual income tax
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| medicare and fica | payroll taxes
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| taxes that imposes a higher percentage rate of taxation on people with higher incomes than on people with lower income | progressive tax
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| profits from the sale of an asset held for 12 months | capital gains
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| tax on the manufacture and sale of selected items | excise tax
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| the authority to levy a federal income tax comes from | the sixteenth amendment
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| intergovernmental revenues are generally intended for | education and public welfare
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