| Economic Principles | Production Possibilities Curve | Economic Systems | Money and Banking | Potpourri |
|---|---|---|---|---|
|
What is the fact that limited amounts of goods and services are available to meet unlimited wants
Scarcity
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What is how many products are compared on a PPC graph
two
|
What is the most common type of economy in the world
Mixed market
|
What is the cost of using someone else's money.
Interest
|
Who wrote the Communist Manifesto and Das Kapital
Karl Marx
|
|
What is there is no such thing __________________
as a free lunch.
|
What is a point inside of the PPC graph
Underutilization or inefficiency
|
What is a economy that is based on small family units and don't change much from generation to generation.
Traditional
|
What is how does a bank make most of its profit
Interest on loans
|
What is the father of modern economics and wrote The Wealth of Nations
Adam Smith
|
|
What is the four factors of production
Land, Labor, Capital, and Entrepreneurship.
|
What is a point outside of the PPC graph
Production impossibility
|
What is a economy where the government makes all decisions.
Command
|
What is the purpose of the FDIC
Insure customers money in case of a bank failure
|
What is the difference in savings and investing
Savings should always go first and is mainly for emergencies but investing takes place after you have 3-6 months savings built up.
|
|
What is the most desirable alternative given up as the result of a decision
Opportunity cost
|
What is a point on the PPC graph
an economy running efficiently
|
What is an economy that encourages growth and innovation.
Market economy
|
What is people use mortgages to buy
Real estate
|
What is more authoritarian in nature
Communism or Socialism
|
|
What is the two types of Capital
Physical and human
|
What are the two products that often are used to represent government decisions
Guns and butter
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What is the economy of the US.
Mixed Market
|
What is the difference between simple and compound interest.
Simple is only paid on principal and Compound is paid on principal and accumulated interest.
|
What is a credit union
Similar to commercial banks but is non-profit and owned by its members. Specialize in making mortgages.
|
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