Key Terms
The branch of economics that is concerned with the overall ups and downs in the economy. It focuses on economy-wide phenomena such as inflation, price levels, rate of economic growth, national income, Gross Domestic Product and changes in unemployment.
What is macroeconomics?
This President instituted the Bank Holiday as well as social programs like Social Security, FDIC, and the Civilian Conservation Corps.
Who is Franklin Delano Roosevelt (FDR)?
This is an economic system based upon supply and demand with little government involvement.
What is a free market system?
I would also accept a capitalist system.
Tuesday, October 29, 1929 is also known by this name.
What is "Black Tuesday"?
A measurement of the total goods and services produced within a country.
What is the Gross Domestic Product (GDP)?
The Soviet Union is an example of this economic system. The central government was involved in the majority of economic decisions.
What is a command system?
This is the year that the Great Recession technically began.
What is 2007?
The cost of the next best alternative use of money, time, or resources when one choice is made rather than another
What is opportunity cost?
This is an economic system combining private and public enterprise. It has some elements of socialism and the free market.
What is a mixed economy?
The Great Recession was caused by a bubble in the ____________.
What is the housing market?
Refers to a situtation in which individuals with access to a public resource act in their own interest, and, in doing so, ultimately deplete the resource. Climate change, excessive irrigation, and overfishing are examples of this.
What is tragedy of the commons?
Jerome Powell currently holds this position.
What is chairman of the Federal Reserve?
The name for the Federal Reserve's two goals to maximize employment and keep inflation to around 2%:
What is the dual mandate?
In the 1920s, investors began securing loans to pay for stocks. For example, they would put down $25 for a $100 stock and take a loan for the rest. This was called _______.
What is "buying on margin"?
a measure based on the prices of the stocks of 30 large companies, (widely used as a barometer of the stock market's health)
What is the Dow Jones Industrial Average?
This economist believed in significant government spending in the face of an economic downturn.
Who is John Maynard Keynes?
Keynesian Economics
This is the current level of national debt. (In dollars)
What is approximately $36 trillion?
This independent government agency was created in 1935 to restore Americans' faith in banks. It still exists today.
What is the FDIC?
The Federal Deposit Insurance Corporation