Walker's Economics Exam

The situation that exists because wants are unlimited and resources are limited

A system in which the basic monetary unit is equal to a set amount of gold

The benefit or satisfaction gained from using a good or service

A type of economic system in which the government decides the three economic questions

The first Secretary of the Treasury and he created the First Bank of the United States

Author of The Wealth of Nations in 1776 and the founder of modern economics

Money that has value because the government says it can be used as money

The study of how individuals and societies satisfy their unlimited wants with limited resources

Physical objects that can be purchased

Electronic devices that allow bank customers to make deposits, withdrawals, and transfers

A person who makes goods or provides services

Money that has value because it can be exchanged for something of value

Which is NOT an American banking institution?

1. Desires that can be satisfied by consuming a good or service

study of the behavior of the economy as a whole; concerned with large scale economic activity

1. The founder of modern communism; wrote a book called Das Kapital

Benefits offered to encourage people to act in certain ways

The willingness and ability of producers to offer goods and services for sale

Which is NOT one of the three economic questions

vision, skill, ingenuity, and willingness to take risks in starting a business

Money that has value because of the type of material from it is composed

An economic system that has elements of traditional, command, and market economies

Anything that people will accept as payment for goods and services

A simplified representation of complex economic forces

All the resources made and used by people to produce and distribute goods and services

The value of something that is given up by choosing one alternative over another

Numerical data or information

1. A card that can be used to withdraw cash or make a purchase like a check

Things such as food, shelter, and clothing that are needed for survival

Work that one person performs for a another for payment

1. Paper money and coins

Exchanging goods and services for other goods and services