Economics

Branch of economics which studies consumers, producers, goods and services.

Hannah quit her job to return to school. What is her opportunity cost?

A recession is:

Which of the following protects the money you put into your bank account.

A shoe company raises the price on its after the cost of leather increased and wages increased.

Quantity of goods and services available for sale at all prices.

In this economic system, important industries and services are owned by gov't and the people.

This economic system is based on private ownership of the resources of production.

Currency is:

When a government spends more than it collects in taxes.

Trees, coal, and gas are examples of _______

Taxes are:

Shares of ownership in a corporation is called?

A barter system of economics can be defined as:

Name the 3 factors or production

the amount of a product that consumers are willing to buy at a certain price is called?

In this economic system, government controls production and distribution of goods and services.

10,000 people want the Galaxy Tab 20. Samsung only has 4,000 for sale, so the prics increases.

Cotton, wood, and apples are considered ______in economic terms

Branch of economics which studies inflation, GDP, employment rates.

According to the graph, about how many pairs of running shoes are avaialable if they cost $60?

The fee you pay for borrowing money.

When demand exceeds supply.

This organization sets interest rates for banks and other financial organizations.

The US is a mixed economy. This means:

Not enough goods to sell, goods in short supply

Inflation is:

When a government spends less than it collects in taxes.

Economics is:

Point where supply and demand curves intersect on a graph.