Economics MILESTONE Quiz

When ___________ occurs, people can not buy as much.

The law of __________says that as the price of goods increases, so will the supply.

The ______________ gets businesses to provide goods and services to us.

What are the three basic economic questions?

A bank's reserve is the amount of money it ___________________.

A ____________shows how the law of supply works.

Something that is necessary to stay alive is a _________________.

Demand for a product tends to go up if the price of the _________________ goes up.

A _______________is a market in which there is no competition.

Ramon has special skills, so high ____ for him means that he gets higher wages.

Laws that protect competition are ensuring consumers the right to __________

The value of _________ usually goes up in a company makes money.

Leadership and ideas for the economy are provided by _________________.

A __________gives sole ownership of an invention to the inventor.

A demand is ______________if a price increase causes little or no change in demand.

Someone who buys and uses products is called a _______________.

A(n) ______________________ is a way to explain the law of demand in a picture.

Medicine and water are examples of ___________________________________

In a _______________, goods are sold at prices that are illegal.

The ____________makes sure the foods we buy are safe.

Jose' knows how to repair computers.  He has the _________ for 

Sole proprietorships and ________(s) are easy to organize.

_____________will increase the supply of goods or services.

Economics is about  making _____________?

In a budget, the ________ should be equal to the income.

Giving up one thing for another is a _________________.

The way buyers and sellers communicate is through the ___________________.

Products and services everyone can use are _____________________.

As ____________, money is something both buyers and sellers will accept.

______________ is the basic economic problem.

_____ is a loan of money to be paid back over a period of time.

When you apply for a loan, the lender will decide if you are __________________

The __________ has kept women from leadership jobs in corporations.

A secret agreement between competing businesses to cooperate to control the market is called

Because a(n) ___________doesn't end when an owner dies, it has unlimited life.

The FDIC will insure a(n) ______________ up to $250,000.

People who take risks to start new businesses or improve old ones are ______________.

Where the supply curve and demand curve intersect.

What is another name for a command economy?

The product market involves exchanges between ____________ and businesses.

Money is ___________ when its' value stays the same.

To be successful, an entrepreneur must have a(n) _____________ idea.

One feature of an oligopoly is that there are few _____________

Another name for a capitalist or market economy is ___________________.

A ______________ happens when buyers and sellers are not well informed.

If a worker is injured or disabled on the job, he or she should receive ________.

Elasticity matters because if affects how much ___________ a business makes.

The labor force does not include workers ______________.

What kind of economy is a blend of economic systems?

According to Adam Smith, what will the best economic system have?

If money were not _________________, it would be difficult to make change.

A monopoly that is allowed to exist because competition is not needed is called a ___monopoly

How much money a person makes is called ________________.

The amount of money borrowed in a loan is called the ___________

When people's well-being is threatened, there is a _________________.

The government may pass laws to promote ________________.

OSHA set standards for __________________ in the workplace.

The _____________ rises when the discount rate rises.

To create demand, consumers must be willing and _____ to buy a product.

A(n) ________ is a not for profit group owned by its members.

All the money taken in by a business is called ________________.

A(n) _________________ is a thing that gives us pleasure but that we don't really need.

___________is usually expressed as an annual percentage rate.