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QR Challenge: Economics Review

QuestionAnswer
The inability to satisfy all of our wants at the same time because everything is limited. This requires us to make choices.Scarcity
factors of production that are used to make goods and services. Include natural, human, capital, and entrepreneurship (new ideas)Resources
selecting an item or action from a set of possible alternativesChoice
what we give up when we make a choice.opportunity cost
Buyers determine through their purchases what will be produced. A producer will not make something that no consumers are willing to buy.Consumer Sovereignty
Economy with private and public sectormixed economy
Economy with only public sector, no competitioncommand economy
Economy with only private sector, no governmentfree market
One owner takes all the risks keeps all profitproprietorship
Two or more owners share risk and profitpartnership
Owners of a corporation are known as?stockholders
What do banks do with your money?make loans
How do banks make money?charge interest on loans
Why does the US participate in Global Trade?To get goods and services that they cannot produce themselves To buy goods and services at a lower opportunity cost, To sell goods and services to other countries, To create jobs
How does the government prevent monopolies?antitrust laws
How does the government regulate businesses?by using government agencies like FCC, FDA, and FTC
What is the difference between the public and private sector in the US?public is run by the government uses tax dollars to pay for things like roads and schools, the private sector is owned by citizens like grocery stores, hair salons, and restaurants.
What is the 16th amendment?gives congress power to tax income
The main job of the Federal Reserve?maintain a stable economy
What happens to spending and employment during a recession?decreases
What happens to spending and employment during inflation?increases
What happens to spending when the government raises taxes?goes down
What happens to spending when the government lowers taxesgoes up
What happens to interest rates when the Federal Reserve makes banks increase the amount of money they keep in reserve?rates go up, less loans given out
Career planning starts with what?self assessment
Typically the higher your education the higher your ________?Income
What kind of workers do employers seek?strong work ethic

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