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Economy Review 2020 A

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