Transcript Slide 1 - SchoolNotes

Basic Economics
The lack of enough goods and services is known as?
What does supply and demand give us?
If supply is higher than demand then price will?
What are capital goods?
What is productivity?
What would increased productivity do to the price of
goods?
If you go to a party instead of studying, then the “A”
you could have made was your?
In which economy do people have all decision making
power, competition, and freedoms?
In which system does the gov’t control everything
and there is no competition and low quality?
Why is limited liability an advantage of corporations?
Economic Performance
What are the ups and downs of the economy called?
If the gov’t spends more money then the economy
should?
If the economy is seeing inflation, what should
happen to the economy?
What is the main method used by the Federal
Reserve to control the economy?
A business that contols all the supply of a product is
a?
This is what a person must have in order to insure
that they pay back a loan?
Government and the Economy
What is a progressive tax?
Give an example of a regressive tax?
What tax gives local gov’ts most of their revenue?
The Federal Gov’t gets most of their revenue from
what tax?
This is the easiest tax to collect because it is
collected immediately?
What is an excise tax?
This is when a gov’t spends more money than they
have?
This is what you call a budget where you spend no
more than you have?
Vocabulary
Vocabulary
goods
monopoly
services
supply
demand
resources
capital
capital goods
division of labor
profit
scarcity
trade off
opportunity cost
productivity
shortage
Surplus
command economy
market economy
mixed economy
capitalism
sole proprietorship
partnership
corporation
stock
share
dividend
limited liability
non-profit
business cycle
recession
depression
fiscal policy
monetary policy
interest rate
inflation
merger
trust
labor union
collective
bargaining
strike closed shop
open shop
mediation
arbitration
interest
collateral
progressive tax
regressive tax
property tax
income tax
sales tax
excise tax
tariff
deficit