Economics1

 People generally produce what they need, or trade for what they cannot grow or produce.

Money left after businesses expenses are paid

The United States has which type of economic system?

Countries with “communist” or “socialist” economies would have which economic system?

When few resources or goods are available...

If supply is low, but demand is high, the price will most likely be...

What is not a responsibility of the Federal Reserve?

Inflation is

The money, property, and equipment used to start a business is called...

When one company controls all production of a good or service that is a

 Economic system where the government makes all economic decisions.

True or False: People use Federal Reserve Banks as their own banks

How many Federal Reserve Banks are there?

What is the difference between a bank and a credit union?

Economics deals with

Free enterprise is the economic principle that...

Why do banks charge interest?