General
A system where people produce, trade, and use goods or services.
What does "economy" mean?
Those who purchase goods and services, like you!
What are consumers?
the branch of economics that studies the behavior and performance of an economy as a whole.
what is macroeconomics?
A form of government intervention in the economy based on Federal tax policy.
Fiscal policy
Economic decisions are made by the government. Example: Communism.
Command Economy
The idea that resources are limited and wants are not, so people must compete and make decisions about what they want.
What is scarcity?
the branch of economics that studies the behavior of individuals and businesses and how decisions are made based on the allocation of limited resources.
what is microeconomics?
a macroeconomic indicator of the health of an economy, defined by the decrease in the value of a money
what is inflation?
Like Fiscal Policy, this is a form of government intervention in the economy. The Federal Reserve will raise or lower interest rates.
Economic decisions are made by the consumers. Example: Singapore (comes closest; not entirely free market).
What is a market or free enterise economy?
Model that describes how the amount of goods or services available affects the price, buying volume, and production level.
What is "supply and demand?"
A form you complete to tell each employer how much tax to withhold from your paycheck.
what is the W4
a macroeconomic indicator of the health of an economy indicated by the number of people looking for work for 39 weeks or fewer.
What is unemployment?
The U.S. central bank, controlling interest rates and the money supply.
The Federal Reserve
Economic decisions are made by both the government and consumers.
What is a mixed economy?
The amount of a good or service consumers want to buy.
what is supply?
A form that identifies how much tax an employer withheld from your paycheck for the calendar year
What is a W2
a macroeconomic indicator that measures the monetary value of final goods and services—that is, those that are bought by the final user—produced in a country in a given period of time (say a quarter or a year).
What is GDP?
A government agency designed to protect consumers and prevent economic fraud and wrongdoing.
FTC
An economic system where private individuals or businesses own the means of production and control property. The US and most modern countries are examples.
What is capitalism?
The amount of a good or service consumers want to buy.
What is demand?
The basic Federal tax form individuals or couples file annually.
what is a 1040?
A measure of inflation where the average cost of about 400 basic consumer goods are taken each month
What is CPI?
Fiscal and monetary policy; the FTC
What are forms of government intervention in the economy?
An economic system where the means of production and property are all communally owned, by the public or government. Examples: China, Cuba, Laos, Vietnam, and North Korea (DPRK).
What is communism?