Miscellaneous
Role of Gov't in the Economy
Economic Indicators
Business Cycle
Role of Trade
100
Medium of exchange, unit of value, and store of value.
What are the 3 functions of money?
100
Total amount of money a government owes.
What is national debt?
100
Percentage of the total work force of people actively seeking employment who are currently unemployed.
What is the Unemployment Rate?
100
A very long recession.
What is a depression?
100
The practice of using barriers to free trade.
What is protectionism?
200
The central bank of the U.S.
What is the Federal Reserve System?
200
Projects expected revenue and costs.
What is the Federal Budget?
200
General increase in the cost of goods & services.
What is inflation?
200
Occurs after a recession or depression when the economy improves.
What is recovery?
200
The difference between the value of a country’s imports and exports during a specific period of time.
What is balance of trade?
300
Divisible, usable, and stable.
What are the 3 properties of money?
300
When the government spends more than it gets in revenue.
What is budget deficit?
300
General decrease in the cost of goods & services.
What is deflation?
300
Marks a period of economic downturn for a period of 6 months.
What is a recession?
300
Occurs when tasks are divided among different workers.
What is specialization?
400
Total amount of money in circulation in a country.
What is money supply?
400
When the government spends less than it gets in revenue.
What is budget surplus?
400
The value of all final goods and services produced in a country in a given period.
What is Gross Domestic Product?
400
The economy is growing and expanding.
What is prosperity?
400
When a country can produce more of a product than another country.
What is an absolute advantage?
500
Money deemed to be legal tender by a government.
What is fiat money?
500
Protects an inventor's rights.
What is a patent?
500
Measures the cost of a basket of goods and services.
What is the Consumer Price Index?
500
Low point in a business cycle.
What is a trough?
500
Ability to produce a product more efficiently and at a lower opportunity cost.
What is a comparative advantage?
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