economic mult choice

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1

Measure of Value

prices put value on prices

2

Medium of Exchange

when people agree on the value of money

3

opportiunity cost

the highest valued alternative given up as a result of making a choice

2nd best option

4

United states economy

mixed economy

(government and people are involved)

5

Liquidity

measures how quick something can turn into cash

ex. bank account more liquid than savings account

6

federal reserve

KNOW RESPONSIBILITIES

7

entrepruner

imagination, innovative thinking, management skills to start and operate a buisness

8

division of labor

like an assembly line

9

money supply

federal reserve bank is in charge

12 of them

10

chairman of federal reserve

Janet Yellen

11

trade-off

a choice that involves giving up some of one thing to have more of another thing

12

GDP Gross Demestic Product

The final value of all goods and services produced in the country in one year

13

Common Stock

a claim to share of the profits of a company after all expenses and taxes are paid

voting

14

Perferred Stock

ownership shares issyed as nonvoting stock

15

Money

medium of exchange

store of value

measure of value

16

land

Natural resources that are unaltered gifts of nature

soil, minerals, timber, and water

17

labor

the physical and mental efforts people use to create goods and services

Human

18

capital

the buildings, tools, and machines people create and use to produce final goods and services

19

scarcity

inability to satisfy wants

an inequality that exists between wants and the resources available to satisfy them

20

incentitive

motivates you

positive reward for making some kind of choice or behaving in a certain way

21

fixed cost

cost that remain the same regardless of the amount of product a firm produces

22

marginal cost

the extra or additional cost/decision

23

creditor

someone you borrow from

24

deditor

someone you owe from

25

stock holder

owner of a company

26

mixed economy

may emphasize private ownership and voluntary exchange, but it also allows government to play an important role

(ex/ theUS, there is no true market economies, the US does involve the government in the economy.)

(What is going to be produced. How is it going to be produced. & Who will produce.)

27

market economy

an economy that relies on voluntary trade as primary means of organizing and coordinating production (free enterprise)

28

traditional economy

people rely on tradition or customs to make the what, how and who choices

29

command econmy

government holds most property rights. The government commands the what, how and who choices.

30

partnership

a business organization owned by two or more people who share ownership and control over the business.

31

corporation

a business organization managed on behalf of its owners/stockholders, who provided the funds

* Must obtain a state charter to operate

32

cooperative co ops

an association of individuals or companies that perform business functions for their members

33

sold proprierorship

a business owned by a person

34

3 basic economic questions

what to produce

how to produce

who receives it

35

characteristics of entreprenuer

young age

develop and sell ordinary products (kitty litter)

find new ways to sell

spot new markets and develop new products for them

some work to perfect ideas they had for years

some work with existing buisness

36

voluntary exchange

people must buy and sell to acquire what they want from the economy

37

supply

quantities of a good or service that producers are willing and able to sell at different produces at a particular time

38

demand

quantities of a good or service that Consumers are willing and able to buy at different prices at a particular time

39

surplus

how much more of a product sellers want to sell than buyers want to buy

40

shortage

how much more of a product buyers want to buy than sellers want to sell at a given price

41

market clearing price (market equilibrium)

The price that balances the amount buyers want to buy with the amount sellers want to sell.

42

elibrium meeting

the price where the supply and demand meet.

43

partnership pros

organization- easy to form, not subject to specific taxes, silent partners

Potential Growth- partners bring in more money to a business, which increases its opportunities to grow

Abilities- Partners can offer fresh ideas and tallents

44

partnership con

Unlimited Liability- partners are individually responsible for all debts, personal assets can be taken if business fails

Limited Life- if a partner dies/quits, the partnership is legally terminated, new agreement is necessary for business to continue

Limited Funds- money raised is limited

45

corporation pros

limited liability- share holders are only responsible for debts up to their investment into the company

ease of transfer- stock holders can enter or leave at any time

unlimited life- when a stockholder dies, the corporation goes on

ability to raise funds- corporations can raise money easily by selling stock, borrowing money, or issuing bonds.

46

corporation cons

expensive- more costly than other business forms, requires legal help

taxation- government taxes a corporations earnings twice on its profits and stockholders pay taxes on their earnings

regulations- must disclose info about their finances and operations to any interested person

47

s corporations

business that enjoys advantages of a corporation without corporate taxes

  • you pay personal income taxes
  • no more than 35 stockholders
  • may not own 80% more of another corporation
  • organizing this requires legal help

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