Economics

Inflation is:

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

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

The fee you pay for borrowing money.

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

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

A barter system of economics can be defined as:

Not enough goods to sell, goods in short supply

Shares of ownership in a corporation is called?

Cotton, wood, and apples are considered ______in economic terms

Taxes are:

Name the 3 factors or production

When a government spends more than it collects in taxes.

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

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

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

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

When demand exceeds supply.

The US is a mixed economy. This means:

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

Economics is:

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

A recession is:

Trees, coal, and gas are examples of _______

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

Point where supply and demand curves intersect on a graph.

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

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

When a government spends less than it collects in taxes.

Currency is: