Vocabulary
Branch of knowledge concerned with production, consumption and the transfer of wealth.
Economics
Goods coming into this country that businesses sell to U.S. consumers.
Imports
The two branches of economics.
microeconomics & macroeconmics
According to the graph, the highest price that eggs had been before December 2022, was about $3.75 in 2015.
True
The total value of all goods and services produced within a specific timeframe by any country.
Gross Domestic Product or GDP
A place where two or more parties can meet to exchange goods, services, and/or currency.
market
Goods that are shipped and sold outside the U.S.
Exports
These factors help predict where the economy is headed.
Examples of these are: the stock market, retail sales, new business startups
Leading Indicators
An incentive is anything that motivates a person to do something. In economics, it's usually cash or has a cash value.
True
The U.S. economy is a _________ economy because it practices a government-controlled, market economy.
mixed
Economic term referring to a large economy; such as the U.S. government and the global economy.
macroeconomics
Considering the type of economy in the U.S., who decides how much product is produced?
a. the president
b. the government
c. businesses
c. businesses
A _________ is when one alternative is selected over another.
choice
Inflation is natural phenomena that occurs and effects the U.S. economy every seven years.
False
Now, explain why this answer is false.
A budget ________ occurs when the amount of money received is more than the amount of money spent.
surplus
Economic term referring to the economy of smaller entities, such as families and individuals
microeconomics
Surprisingly, this category saw the second lowest financial support from the Pandemic Stimulus-- according to the graph.
These typically confirm where the economy has been. Unemployment for example.
Lagging Indicators
Consumers bring products and services for sale to the market.
False
Now, explain why you answered false.
This is the result of overspending a budget.
deficit
The economic phrase for what you have to give up to get something else.
For example: Taking a part time job for more money may mean giving up time with your family.
Opportunity Cost
Only one of these would be considered a market:
a. a classroom
b. a carnival
c. a sidewalk
b. a carnival
This fundamental economic problem has to do with limited resources and unlimited human wants and needs.
Scarcity
SNAP benefits could be considered an incentive.
False
Cash given by the government to groups or individuals to ease or remove a burden.
Subsidy