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Economy Review 2020 A
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What does debit mean?
withdraw
What is the biggest job of the Federal Reserve?
to help keep the economy healthy
Is the central bank of the United States
Federal Reserve
Which bank account has limited withdrawals?
savings account
Which banking account allows you to make unlimited withdrawals?
checking account
The government owns the property.
command economy
The government sets wages, so people aren't motivated by profit.
command economy
Producers don't compete because everyone works to meet the community's survival needs.
traditional economy
Your credit score will be considered bad if you pay your bills on time.
False
Which economic system are most goods and services offered by private companies?
market
Which economic system does the government become more powerful?
command
Which economic systems do the people have unlimited choices?
market
Economics grow and shrink over time. This pattern is called
business cycle
The process of choosing one good or service over another
opportunity cost
What is another name for factors of production?
resources
What are the four major resources?
capital, land, labor, entrepreneurship
The difference between wants and needs and the resources available to meet these needs is called
scarcity
This is needed FIRST to start and operate a business
capital
Which economic system is based on cultural customs?
Traditional Economic System
In a command economy, the means of production are owned by
the government
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