3 Microeconomic Decision Makers Review Questions and Answers Already Passed
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3 Microeconomic Decision Makers
Institution
3 Microeconomic Decision Makers
3 Microeconomic Decision Makers Review Questions and Answers Already Passed
Money - Answers anything that serves as a medium of exchange, a unit of account, and a store of value
medium of exchange - Answers anything that is used to determine value during the exchange of goods and services
store...
central bank - Answers an institution that oversees and regulates the banking system
commercial bank - Answers A financial institution that accepts demand deposits and makes loans and
provides other services for the public
producer - Answers someone who combine labor and capital to create output
consumer - Answers A person who purchases goods and services for personal use
trade union - Answers Association of trade workers formed to gain higher wages and better working
conditions
collective bargaining - Answers Process by which a union representing a group of workers negotiates
with management for a contract
strikes - Answers times when workers refuse to work until owners improve conditions
interest rate - Answers Percentage of amount borrowed to be added to the amount loaned and paid
back
lender of last resort - Answers loans money to banks and other financial institutions when no one else
will
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