Key Terms #1
Terms used in a sentence
Past Chapters: 1
Key Terms #2
Past Chapters: 2,3,5
100
What is the term that describes the ups and downs of the economy
What is a buisness cycle
100
In class we looked at a website to find out the grand amount of the ...
What is the National Debt
100
How many roles does a citizen have?
What is 3
100
Define Consumer Price Index
What is an important measure of inflation
100
A measure of the efficiency with which goods and services can be produced
What is Productivity
200
What is the period of time in which there is a significant decline in the economy
What is a recession
200
The federal budget is based on a(n) ___?___ year that begins on October 1st.
What is fiscal
200
Name the 3 roles of a citizen
What is vote, pay taxes, and use public services
200
The definition of GDP is
What is the total dollar value of goods and services produced
200
System in which decisions are made by a central government
What is a Command Economy
300
What is the prolonged rise in the prices of goods & services
What is Inflation
300
The president submits a proposed budget to __?__
What is Congress
300
Advertising a product with no intention of selling it
What is bait and switch
300
Define budget
What is an estimate of anticipated income and expenses
300
Resources such as plants, trees, water, soil, and air
What is renewable resources
400
What is the fee you pay for the opportunity to use someone else's money over a period of time
What is Interest
400
The last decade our country was in a depression?
What is the 1930's
400
A get rich scheme sent by mail
What is a pyramid scheme
400
Define Budget Surplus
What is more money collected than spent
400
Things you require to live
What is needs
500
What is a long lasting, major economic slowdown
What is a Depression
500
The last decade our country was in a recession (not presently.)
What is the 1980's
500
Products produced and performed are known as: _?_ and _?_
What is goods and services
500
Define Budget Deficit
What is spending exceeds revenue
500
Established levels of quality to measure against
What is Standards
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