Economics CBE questions and answers graded A+

Economics CBEResources - correct answer a source of supply, or aid, especially one that can be readily drawn upon when needed market economy - correct answer an economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's citizens and businesses and there is little government intervention or central planning capitalistic economy - correct answer free market economy and minimal government intervention competitive market free enterprise system - correct answer an economic system where there is limited restrictions on trade and minimal government intervention command economy - correct answer system where the government determines what goods should be produced, how much should be produced and the price at which the goods will be offered for sale (key feature of any communist society; China, Cuba, North Korea, and former Soviet Union) laissez-faire - correct answer the belief that an economy functions best when there is no interference by government consumer rights - correct answer 1) right to safety 2) right to be informed 3) right to choose 4) right to be heard generic products - correct answer a type of consumer product that lacks a widely recognized name or logo because it typically isn't advertised brand name products - correct answer type of consumer product that requires expensive advertising and good marketing interest - correct answer money paid regularly at a particular rate for the use of money lent, or the cost of borrowing mortgages - correct answer a conveyance of an interest in property as security for the repayment of money borrowed financial institutions - correct answer a place in which an above-average amount of financial business takes place (ex. banks) finance charges - correct answer any additional fee added to the original amount of a loan (ex. interest added to a balance, service fees for transactions, late fees, and balance transfer fees) federal agencies - correct answer special government organizations set up for a specific purpose such as the management of resources, financial oversight of industries, or national security issues (set up by presidential order) limited partnership - correct answer two or more partners united to conduct a business jointly, and in which one or more of the partners is liable only to the extent of the amount of money that partner invested e-commerce - correct answer business that is transacted by transferring data electronically, especially over the Internet strike - correct answer engaged in a stoppage of work, services, or other activities, as by union workers to get better wages federal reserve - correct answer America's central bank