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Basic Economics The lack of enough goods and services is known as? What does supply and demand give us? If supply is higher than demand then price will? What are capital goods? What is productivity? What would increased productivity do to the price of goods? If you go to a party instead of studying, then the “A” you could have made was your? In which economy do people have all decision making power, competition, and freedoms? In which system does the gov’t control everything and there is no competition and low quality? Why is limited liability an advantage of corporations? Economic Performance What are the ups and downs of the economy called? If the gov’t spends more money then the economy should? If the economy is seeing inflation, what should happen to the economy? What is the main method used by the Federal Reserve to control the economy? A business that contols all the supply of a product is a? This is what a person must have in order to insure that they pay back a loan? Government and the Economy What is a progressive tax? Give an example of a regressive tax? What tax gives local gov’ts most of their revenue? The Federal Gov’t gets most of their revenue from what tax? This is the easiest tax to collect because it is collected immediately? What is an excise tax? This is when a gov’t spends more money than they have? This is what you call a budget where you spend no more than you have? Vocabulary Vocabulary goods monopoly services supply demand resources capital capital goods division of labor profit scarcity trade off opportunity cost productivity shortage Surplus command economy market economy mixed economy capitalism sole proprietorship partnership corporation stock share dividend limited liability non-profit business cycle recession depression fiscal policy monetary policy interest rate inflation merger trust labor union collective bargaining strike closed shop open shop mediation arbitration interest collateral progressive tax regressive tax property tax income tax sales tax excise tax tariff deficit