Intro to economics part 2

entrepreneurs are people who

When the stock market is doing well it is known as a

the best way to invest in your own human capital is to

The invisible hand theory was developed by

If the state sales tax is 8%, how much would you have to pay for a $10 purchase

When buyers want to buy more then sellers are able or willing to supply, it results in

entrepreneurship

you and your friends rent an apartment. You purchase renter's insurance. This is an example of

in an exchange between two people

Whenever we make a choice there is always

The circular flow model is a visual illustration of how

Grandparents like to reflect on how cheap things were in their day; the steady increase in prices over time is called

the use of large stones as money lacks what quality

North Korea, China, and Cuba are examples of this type of economy

Your rent or car payment is this type of expense

This is an example of how consumers react to a change in prices

In an exchange between two people

opportunity cost

What is not a basic economic question that all societies must answer

putting money into a venture in the hopes of increasing your money is called

If the price of tacos increases

when you invest in stocks you

placing choices in order of importance is called setting

What provides consumers with information they need to make a choice

transactions keep showing up on your credit cards that you don't remember making. You may be a victim of

There is no such thing as a free lunch (TINSTAAFL) means

One method of being a savvy consumer is to compare price, quality, and quanity of goods. This is know as

money spent to acquire goods or services

Demand for insulin is considered price inelastic because

A place where stocks are bought and sold

Marquese decides to buy hot dogs for his cookout. He also buys ketchup. What type of good is ketchup to hot dogs

In this type of economy, the government makes all the economic decisions

What investment is the riskiest

How might the decrease in the price of hamburgers effect the demand for hamburger buns

when the stock market slows and is not doing well it is known as a

an economic term that refers to the encouragment of people to behave in a certain way

the possibility of finacial loss is called

When interest on an account is added back into the orginal account it is called

what does a share of stock represent

When the amount demanded is equal to the amount supplied it is called

What is the Dow Jones Industial Average

the graph represents

What is the function of Money if you have $50 in your wallet

a means to increase productivity is

what is the function of money if you pay $6.75 for a number 10 meal at Arby's

when suppliers have more to sell than consumers are willing to buy, the result is

The value of money

the ability to buy goods now but to pay later is known as

Which of the following would be an example of a good

An economic system where trade and barter are the main form of exchange, and economic decisions are based on customs