final Flashcards
same as debt income that you base budget on
disposable personal income
items that are used in production and manufacture of other goods and services
capital
gov must make choices for military or consumer spending
guns or butter
next best choice given up when you make a decision
opportunity cost
all societies have to answer what questions
what
how
for
who
wrote wealth of nations, father of capitalism
adam smith
4 types of economies
traditional
mixed
centrally planned
market
2 men responsible for communist manifesto and das capital
marx and engles
ability and willingness of consumers to make a purchase
demand
as supply increases, price decreases
law of supply
responsiveness to a change in price at each level
elasticity
total cost computed by adding…
variable and fixed
quantity demanded and supply are equal
equilibrium
besides corporations, list any other 2 types of business organizations
sole proprietorship
franchise
process of union and company officials meeting together to negotiate new labor contract
collective bargaining
within 2% what is the correct unemployment rate when society is working well
3-7
types of unemployment that occurs bc of weather changes
seasonal
when a nation imports more than it exports
trade deficit
NAFTA was between what 3 countries
US
canada
mexico
allows you to leave country and get back in
passport
the exchange of goods or services rather than money
barter
define FDIC
federal deposit insurance corporation
4 characteristics of money
uniform
portable
divisible
acceptable
30 stocks considered representatives of our economy
dow jones
money borrowed for a house
mortgage
practical test of a cars performance, durability and maintenance
road test
another name for mass transit
public transportation
supply of money, goods, or services in exchange for promising to pay back in the future
buying on credit
