Which is not a type of economic system?

In a market economy, prices and wages are determined by ______.

Which of the following is NOT a depository institution?

The regulatory agency that oversees NON-DEPOSITORY institutions is the ______.

Tax benefits are an incentive sometimes offered by ______.

An example of an incentive a business might offer to consumers is a ______.

The total amount of money in circulation in a country is called _______.

When the government spends more money than it gets in revenue, it causes _______.

The federal regulatory agency that guides monetary policy is the _______.

The exclusive right granted to an author for his work is known as ______.

Each of the following is used to measure how well the economy is doing EXCEPT _______.

What is a manufacturer's goal when using specialization?

The main segments of the business cycle go in order of _______.

The main reason why there is cooperation of trading among nations is ________.

Each of the following is a form of protectionism EXCEPT _________.

Money deemed by our government to be legal tender is called

Measures the cost of a basket of goods and services for an urban family

Nations may use _____________________to restrict trade between nations.

Inflation occurs when there is __________________borrowed money in circulation

Incentives can be

Government policies can affect financial markets

A _____________________________ is something that encourages specific behavior.

The value of all final goods and services that a country can produce in a given period

The ability to a country to produce a product at a lower opportunity cost than another country is

Money Supply is the total amount of money in circulation in a country

Absolute Advantage is the ability of a country to produce more of a product that another country can.

Legal Rights given to a company to protect the company's name and reputation by regulating use of the company's logo

A copyright gives exclusive rights to an inventor to prevent anyone else from using the invention for a certain period of time.

Regulates the US banking system, guides monetary policy and controls interest rates

Equilibrium point is when supply exceeds demand

Non-depository Institutions include banks and Credit unions

Factors of production are land, labor, entrepreneurs and

The maximum and minimum prices that government controls are

Demand Elasticity is the degree in which demand is affected by price

Supply is how much consumers are willing and able to produce at a certain price.

Sometimes, a country gives up something to get something else. This trade off is known as

The study of decisions that go into making, distributing, and using goods and services.

The type of economy that members of a society engage in activities required for survival such as hunting and fishing

The United States is primarily which type of economy

The exchange of products without the use of money is called

Four Influences that can affect supply are technology, taxes, number of producers and

Inelastic demand is where price has little influence on demand due to brand loyalty, necessity and

The factor of production entrepreneurship refers to the ability of individuals to start new business, introduce new products and improve business processes.

Deflation is when prices go

When the government spends the same amount it gets in revenue, this is a

Regulates hiring, firing and promotions to ensure employees receive equal treatment based on ability and not on other factors such as age or gender.

Issues guidelines for workers and safety

The difference between the value of a country's imports and exports during a specific period of time.

Specialization in manufacturing occurs when tasks are divided among the same workers.

The period marked during the business cycle when consumer spending is greatly reduced and unemployment rises during a