| Personal Finance | Producers | Consumers | Capitalism | The Economy |
|---|---|---|---|---|
100What is a Checking Account?
The bank account that is linked to your debit card.
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100What is Scarcity?
What drives all choices society must make about production.
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100What is Utility?
The satisfaction or usefulness a person gets from a good or service.
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100What is a Command Economy?
The government owns and controls the factors of production in this type of economy.
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100What is Competition?
This keeps prices low and the quality of products high.
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200What is Interest?
The cost of borrowing money.
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200What are Natural Resources, Labor, Capital, and Entrepreneurship?
The four basic factors of production.
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200What is a Substitute?
What consumers will look for if the price of an elastic good or service increases.
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200What are Incentives?
Benefits or rewards given to workers for increased productivity or quality.
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200What is the Trough?
The phase of the business cycle when the standard of living would be at its lowest level.
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300What is a Deductible?
The amount you pay before your insurance begins to cover costs.
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300What is Specialization?
Improves productivity by allowing workers to focus on a single task.
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300What is Consumer Sovereignty?
This term describes how producers choose what to offer based on what consumers want and need.
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300What is Laissez-faire?
The philosophy that opposes government regulation and intervention in the free market.
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300What is Gross Domestic Product (GDP)?
The value of all final goods and services sold in one year.
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400What is a 401k or Roth IRA?
Used to save money for retirement.
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400What is Marginal Revenue?
The extra income that results from selling more more unit of output.
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400What is the Law of Demand?
Consumers will buy more of a product at a lower price than at a higher price.
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400What is Supply and Demand?
The "invisible hand" that determines price and quantities in a free market economy.
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400What is Inflation?
The problem that causes the Federal Reserve to raise interest rates and contract the money supply.
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500What are Stocks?
The type of investments that can earn you dividends and capital gains.
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500What are Anti-trust Laws?
The purpose of these is to break up unfair monopolies.
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500What is a Surplus?
What consumers will face if the price of a product is above equilibrium.
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500What is the Factor Market?
Where the exchange of natural resources would take place in the Circular Flow model.
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500What is Macroeconomics?
The economics of an entire society or industry.
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