4.1 MacroEcon
A term for looking at the economy as a whole, including a country’s growth and stability.
Macroeconomics
In this type of system, businesses mostly operate with limited government interference.
Free-enterprise system?
This is the process of countries becoming more connected and dependent on each other economically.
Globalization
This is a government’s set of rules or decisions that affect the economy.
Economic Policy
These are numbers or measurements, like unemployment rates or inflation, that help show how the economy is doing.
Economic Indicators
The total amount of goods and services a country produces and sells in a certain time period is called this.
GDP (Gross Domestic Product)
When a new factory opens in a town and hires 200 workers, this is an example of a ____________
Positive Externality
Goods or services that a country sells to another country are called
Exports
When the government decides how much money to spend and what taxes to collect, this type of policy is called
Fiscal Policy
Using rules to limit trade to protect a country’s local businesses is called...
Protectionism
The total amount of goods and services a country produces and sells in a certain time period is called this.
The Business Cycle
When a factory pollutes the air, which can harm others, this is an example of
Negative Externality
A government may place this on imported goods to protect local businesses
Tarrifs
The central bank uses this type of policy to control the amount of money in the economy and adjust interest rates
Monetary Policy
When prices go up at an abnormally high rate (over 50% per month) this is called
Hyperinflation
Name one factor that is considered when measuring a country’s standard of living.
Wealth, Education, Environment, Comfort, Access to Necessities, Etc.
Sidewalks, 911, and parks are examples of
Public Goods
How might trade benefit a country? Opinion question
Creating more jobs, getting cheaper goods, or having access to more products, etc.
If the government puts a tariff on imported toys from China, they are using this type of economic policy...
Trade policy
1 US Dollar = 17.18 Mexican Pesos
This is an example of...
Exchange Rate
Who is a part of unemployment numbers? Who is not?
-People out of work WHILE ACTIVELY SEARCHING are included
-People who are NOT ACTIVELY SEARCHING for work are not included
The FDA (Food and Drug Administration) decides what medicine is safe and okay for CVS and Walgreens to sell. This is an example of
Government Regulation of Businesses
Due to their climate and resources, Brazil focuses on the mass production of coffee instead of other goods. This is an example of
Specialization
Compare the conservative and liberal economic ideologies in one sentence
"Hands-Off vs. Hands-On"
"Less government control of business vs. more"
Responses vary :)