Econ Review

Economics may best be defined as

A risk-taker in search of profits is call a(n)

The FDIC was established to

The most desirable alternative given up as the result of a decision is

The purchase and use of goods and services to impress others is called

When Labor Unions negotiate contracts with management is known as

One of the most important ways local governments raise revenue is through

The most common form of business organization in the U.S. is the

In a market economy, a high price is a signal for

Manufactured goods needed to produce other goods and services are called

What are the 3 Basic economic questions?

Who determines WHAT is produced in a Market Economy?

Prices serve as a link between producers and

The concept of Laissez-faire means

The FICA includes taxes to pay for

The three major federal taxes are

Resources are what?

A great variety of goods and services is a characteristic of

A basic requirement for survival is a

The American economic system can be described as having a

National defense is the responsibility of the

high rates of taxation on business often will

A moneyless society that relies on trade is an economy based on

High interest rates

At a given price, a surplus occurs when

The single most important source of revenue for the national government is the

Land, labor, capital, and entrepreneurship are the

A price compromise between a buyer and seller is known as a

prime rate refers to the

Local Governments provide public goods like

An organized refusal to go to work, to get better working conditions and benefits is called

Price competition is a characteristic of a

The basic decision for a supplier is

Store catalogs and television commercials are method of