Economics Word Scramble
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| Term | Definition |
| Liquidity | The ease of turning an asset into money |
| Fiat currency | Given value by declaration of the government |
| Fractional reserve | Loaning out most of its money |
| Interest | The price of money |
| Bond | Certificate of indebtedness |
| Mutual Fund | Investment company |
| Inflation | General increase in prices |
| Purchasing power | Ability to buy goods and services |
| Discount rate | What banks are charged for loans |
| Open market operations | Buying and selling federal securities |
| Perfect competition | Many sellers and buyers |
| Oligopsony | Only a few major buyers |
| Law of demand | As price increases, demand falls |
| Law of supply | As price increases, production increases |
| Relative price | Price of one item expressed as the price for another |
| Price floor | Creates surplus |
| Price elasticity of demand | How much demand changes when price changes |
| Substitute good | Demand increases when the price for another good increases |
| Market failure | Resources not allocated efficiently |
| Public Goods | Can be used by more than one person |
| Sole Proprietorship | the most common form of business organization in the U.S |
| Corporation | involves charter, board of directors, and shares of stock |
| Small business | Create 60% -80% of Jobs in America |
| Entrepreneur | |
| E-Myth | If a person is good at one aspect of business, he will be good in all areas of a business |
| USP | What your product offers that can't be found elsewhere |
| Economic Profit | Considers opportunity cost as a real cost of business |
| Law of diminishing marginal returns | Productivity of an input decrease as quantity of the input increases |
| Deadweight Loss | Reduction in efficiency |
| Business Cycle | Economic fluctuation |
Created by:
summerabreezy
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