Econ midterm

Know the difference between a bank and a credit union   (Bank for profit. Credit union non-profit)

What does it mean to barter (Equal trade)

What is trade (Buying or selling goods and services) 

How does the FED make its money (The Federal Reserve transfers its net earnings to the U.S. Treasury)

Who oversees the Federal Reserve system? (Congress)

What does CPI stand for (Consumer price index)

PPI (Producer Price index)

How many federal reserve banks are there (12)

What is monetary policy (a central bank's actions to manage the money supply and interest rates to influence economic growth and stability, aiming for low inflation and high employment.)

In a partnership what is the minimum amount of partners needed (2)

In a limited partnership, how many partners have to have minimum liability? (1)

Which type of corporation is limited to 75 shareholders? (S corp “sub chartered”)

Of all entities which one is liable for double taxation? (C chartered “chartered”)

Which type of partnership has unlimited liability? (General) What does opportunity cost? ( Opportunity costs an individual to pick one opportunity over the other.)

Trust: A form of division of property rights and a fiduciary relationship, in which ownership of assets goes to a third party, known as a trustee, and the beneficial enjoyment goes to the beneficiary

Will: a legal document that describes how you would like your property and other assets to be distributed after your death.

Power of attorney: a legal document that allows you (the principal) to delegate important decisions to someone you trust (your attorney-in-fact or agent) in moments when you're unavailable to handle those situations personally.

What are the three main economic systems? (Market, command, mixed economy)