Economics Flashcards
(10 cards)
1
Q
Name four common financial institutions.
A
Bank, credit union, payday lender, pawn shop
2
Q
What tax helps fund local schools and services?
A
Property tax
3
Q
Law of Demand
A
As price rises, quantity demanded falls
4
Q
Fixed vs. Variable costs
A
Fixed: stay the same monthly (rent); Variable: change (groceries)
5
Q
Define microeconomics.
A
Study of individual economic decisions
6
Q
Sector that produces goods for profit
A
Businesses
7
Q
Economic philosophy focused on accumulating gold
A
Mercantilism
8
Q
Three types of economic resources
A
Human, capital, natural
9
Q
First question a consumer asks (economic factor)
A
Can I afford the transaction?
10
Q
Difference between fixed and floating currency
A
Fixed pegged to precious metal; floating set by market
