Federal Reserve
How many parts make up the Federal Reserve?
3
1. FOMC
2. Reserve Banks
3. Board of Govenors
It is a medium of exchanged used by people
Money
In this type of economic system, decisions are made based on how things were done in the past.
Traditional
In this market, there is only one seller
Monopoly
Scarcity
How many districts are part of the Federal Reserve?
12 districts
What is the name of the place which prints the money
Mint or Beau of Engraving and Printing
In this type of economic system, the government makes all of the decisions for allocating resources.
Command/Planned
In this type of market structure, each seller is selling the exact same thing
Perfect competition
This is an action or reward that influences the choice a person makes
Incentive
Which district is the Minneapolis branch located in?
9th district
When this increases, your purchasing power decreases
Inflation
In what type of market do the consumers make all of the decisions in the economy?
Market economy
Airlines, movie theaters, cell phone providers are all examples of this type of market structure.
Oligopoly
These are the two types of fiscal policy that can be implimented
expansionary and contractionary
What are the three services of the Federal Reserve system?
1. Banker's bank (provide deposits and withdrawls for commercial banks)
2. Monetary policy
3. Regulate commercial banks
What does the letter on your dollar bill tell you about the bill?
Which federal reserve district it is from
In this type of economy the government helps regulate some of the economic activity
Mixed economy
Hair salons, restaurants, grocery stores, clothing stores are all examples of this type of market structure
monopolistic competition
This term means the next best alternative when making a choice
opportunity cost
What are the two goals of the Federal Reserve?
1. Price stability (low, stable rate of inflation)
2. Maximum employment
Where do checks get processed?
Federal Reserve
What is the number of questions each economic system tries to answer?
3 questions
1. what is being produced
2. how much is being produced
3. who gets what is produced
These are the two most common types of markets
Oligopoly and monopolistic competition
What are the 3 types of productive resources
1. natural
2. capital
3. human