The Basics of Economics

A mortgage is a loan to purchase a house.

Guns v. Butter refers to the choices faced by government between spending money on military or domestic needs.

Economics is the study of how people seek to satisfy their needs and wants.

Which term applies to Bill Gates?

Which of the following refers to a service?

In a communist economy the decisions on what, how, whom to produce for is decided by individuals in free markets.

Which term means the act of giving up one benefit in order to gain another greater benefit?

Who is the father of economics?

Economists, who professionally study the economy, work in businesses, governments, and universities.

What is a physical object created to satisfy needs and wants?

The knowledge that a doctor acquires to do their job is an example of human capital.

The Euro is the most traded currency in the World.

The Federal Reserve consists of the following elements.

A tariff is a tax on the sale of a good or service.

What is a situation in which people's needs and wants are greater than the goods and services to satisfy it?

Inflation refers to the decline of general prices.

The New York stock exchange, NYSC, is the market for buying & selling bonds and stocks of America's largest corporations

Which of these is a factor of production?

A bond represents ownership in a corporation.

The Federal Reserve is the central bank of the United States.

Scarcity is a condition that applies to only poor countries and not rich countries like the United States.

Which of the following represents virtual money?

What is the price of one currency in relation to another currency?

The Great Recession, (2007-09) the worst economic decline since the Depression, began in the housing market.

Which of the following cards represents a loan from a bank?

Who are the owners of a corporation?

This is what a bank charges for taking out a loan.

The Yen is the money of China.