Concepts 1
What is scarcity?
The amount of money a business spends on producing something.
What is cost?
The process of exchanging one thing for another when both parties see an advantage.
What is trade?
The unequal distribution of wealth between different parts of society.
What is income inequality?
President Roosevelt's plan and implementation of boosting the American Economy.
What is the New Deal?
Actions and activities where one person performs for another.
What is service?
The highest value alternative a consumer gives up when making a choice.
What is opportunity cost?
Assigning different tasks to different workers.
What is specialization?
The total amount of wealth (both goods and services) a country can produce in a year.
What is GDP (Gross Domestic Product)?
What is on margin?
Producers will not or cannot meet the demands of certain goods or services at current prices.
What is shortage?
Average cost of basic necessities in life, such as food, clothing and lodging.
What is cost of living?
Requirements put in place before trade can occur.
What is trade restriction?
The time period in United States when making and selling alcohol was not allowed.
What is Prohibition?
People lived in these neighborhoods made up of shabby huts with metal sheet roofs.
What is Hooverville?
Federal Bureau of Labor Statistics (BLS) calculates this data to keep tabs on the products and services that consumers commonly buy.
This concept is measured by factors such as income, infrastructure, hours worked, cost of goods and services.
What is standard of living?
A tax imposed on imported/exported goods.
What is tariff?
What is flappers?
World War I veterans marching in Washington DC demanding what the government promised them.
What is Bonus Army?
Skills or knowledge a worker gains through education or experience.
What is human capital?
When one spends more money than one can make.
What is deficit?
When companies and farms are making too much of something thus causing prices to drop.
What is overproduction?
Old age insurance, unemployment benefits and aid to the disabled.
What is Social Security?