Econ Review

What are the 3 Basic economic questions?

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

Who determines WHAT is produced in a Market Economy?

Land, labor, capital, and entrepreneurship are the

The FICA includes taxes to pay for

At a given price, a surplus occurs when

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

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

Manufactured goods needed to produce other goods and services are called

The concept of Laissez-faire means

Price competition is a characteristic of a

High interest rates

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

The American economic system can be described as having a

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

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

Store catalogs and television commercials are method of

A basic requirement for survival is a

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

Economics may best be defined as

The three major federal taxes are

The FDIC was established to

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

Prices serve as a link between producers and

When Labor Unions negotiate contracts with management is known as

The basic decision for a supplier is

National defense is the responsibility of the

Local Governments provide public goods like

A great variety of goods and services is a characteristic of

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

prime rate refers to the

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

high rates of taxation on business often will

Resources are what?