Economics Mid-Term Review

 A fixed payment for services paid on a regular basis

Natural resources used in production are called 

When reviewing a credit card statement, what is the past due amount? 

An economy totally controlled by the government 

Which of the following choices do all economic systems face? How to… 

Member of the working class who performs manual labor and earns an hourly wage 

The government controls production, and there is little private ownership of the means of production and distribution in

 In which kind of business organization should you participate if you can afford to lose on your investment?

 How can a cardholder avoid paying interest on a credit card?

Hope of reward or fear of punishment 

Economics is the study of how people 

Competition and self-interest are two important forces in which economy?

What are the extra costs of adding one unit to production called? 

Which of the following types of economic systems adopts the fewest new ideas or improvements? 

What is the economic definition of scarcity? 

 In which way does a public disclosure law help consumers? 

The resources used to make goods and services are called

The purpose of the free enterprise system is to 

Workers most likely to be currently affected by job outsourcing are 

Buying and selling without government interaction 

 Economics is the study of how people 

Someone who has a new idea and raise money to start a business is called a(n) 

Shortages occur when 

A consumer will develop a positive credit history if they:

The easiest and most simple way to start a business is in the form of a _________. 

 If a credit card is used properly, what benefits does it have for the cardholder?

 Which of the following best describes the economic term “Public Goods”? 

A ___is something essential for survival such as food or medical care. 

 In these types of nations, the economic decisions are made through markets based on private property and incentive.

Excess money left after expenses

 Scarcity always exists because

Which of the following best describes the economic term “Capitalism”?

 In a traditional economy, what are economic decisions based largely on? 

The cost of choosing one thing over another

Which of the following is not considered an advantage to using a credit card?