There are ___ main areas that are used to calculate GDP
What is 4 (four)?
100
Money has ____ basic functions
What is 3 (three)
200
A peak of economic activity
What is Prosperity?
200
A general decrease in cost of goods sold
What is Deflation?
200
The unemployment rate measures the number of people who.....
Are able to work but are not employed
200
This function of money means that it can be used to buy goods and services
What is Medium of Exchange
300
The two phases of the business cycle that are NOT desired for the economy. They usually contain slowed growth and less money in the economy
What is Depression and Recession?
300
When a nation SPENDS LESS than it collects in taxes this is called
What is Budget Surplus?
300
The average amount of goods and services the average citizen can buy
What is Standard of Living?
300
A banana would not be considered money because it does not fall in line with the _______ ___ ______ function of money.
What is Store of Value?
400
The Great Depression occurred in the year _____?
What is 1929?
400
The total amount of the United States National Debt is....
What is $17 trillion dollars.
400
Summer jobs can often times lead to __________ unemployment.
What is Seasonal?
400
A seashell would not be considered money because it does not follow the ______ __ ________
What is Medium of Exchange?
500
This period means that production starts to increase, people start going back to work and have money to spend again.
What is Recovery?
500
When government SPENDS MORE on programs than it COLLECTS in taxes, this is called a __________ ________
What is Budget Deficit
500
The 4 reasons for unemployment are.....
What is Temporary, Seasonal, Changes in industry, Economic slow down?
500
Ms. Thomas gets a Capital One credit card that charges her 5% interest on her purchases. She went to the store and spent $1500.87 total. What will her bill be after the 5% is added to her bill when she pays next month?