Microeconomics
Limited resources vs unlimited wants
Scarcity
Total value of goods/services produced within a country within a given period of time
GDP
Currency that is not backed by a physical commodity like gold, but gets its value from government decree and public trust.
Economic term where Demand exceeds supply
Shortage
4
Number of children Mr. Anderson has
The cost of next best alternative given up
General rise in prices
inflation
is the process of earning interest on both your original money and the interest you already earned
compounding
One seller controls the market
Monopoly
16
Year that Mr. Anderson is beginning to teach
Additional benefit from one more unit
Marginal Benefit
Percent of labor force without jobs
Unemployment rate
central banking system of the United States
The FED
Expansion, peak, contraction, trough
Phases of the Business Cycle
87
Number of students Mr. Anderson has taught drivers education to over the last year.
Responsiveness to price changes
Elasticity
Government spending and taxation
Fiscal Policy
is a digital or virtual form of money that uses cryptography for security and operates independently of a central bank
crypto currency
Economic concept where supply equals demand
Price Equilibrium
#1
Ranking of the best college football team in the "The Ohio State Buckeyes"
is a government or group imposed legal minimum price set above the natural market equilibrium, preventing prices from falling lower
A price floor
Fed actions controlling money supply and interest rates
Monetary Policy
Functions of money
the total amount of money the federal government owes to public and internal investors.
national debt
5
Number of years that Mr. Anderson has been the voice of the Spartans