Economics Review

3. insures deposits up to $250,000
11. hurts people on fixed incomes
15. how to measure standard of living
17. accumulation of all deficits from previous years
18. interest the Federal Reserve charges banks for loans
19. market structure with a few large sellers who act interdependently
20. the main reason people assume the risks of entrepreneurship
22. when individuals do specific tasks in the production of goods and services
23. condition that exists because human wants and needs are greater than available resources

1. positive and negative rewards that encourage economic behavior such as making purchases or working to increase productivity
2. additional good or profit from one additional unit is called the __ benefit
4. type of business organization with limited liability and double taxation
5. type of business where you pay a corporation to use its name, logo, recipes, merchandise, etc
6. economic system where a central authority allocates resources
7. something of value to secure or back up a loan
8. if you are a life guard unemployed because it is summer, you are experiencing __ unemployment
9. measure of how efficiently resources are used, relationship of inputs to outputs
10. the item or value that is lost when someone makes an economic decision
12. the fundamental economic questions are: __ to produce? How to produce? For whom to produce?
13. goods in which the use of one increase the use of the other
14. good and services that a country sends to other nations
16. a profit from an investment
21. primary monetary policy making body of the Federal Reserve
23. situation where quantity supplied is greater than quantity demanded