Vocabulary
Foundations of Economics
Macroeconomics
Economy in the US
Economic Principles
100
Having unlimited wants and not enough resources to meet them all.
What is scarcity?
100
The type of economy the US currently has.
What is capitalist/market/information?
100
What GDP stands for.
What is gross domestic product?
100
Goods and/or services created within a country using their resources and purchased by people of that same country.
What is domestic production?
100
A planning tool to help you track spending, income, and savings in order to make better economic choices.
What is a budget?
200
The name for economics focused on large-scale, national or international issues like GDP, inflation, and unemployment.
What is macroeconomics?
200
An economic system where businesses and employment types are inherited from your family.
What is traditional?
200
The five components included in calculating GDP.
C + I + G + (X - M)
consumer purchases, business investment, government spending, exports, imports
200
The business practice that "robber barons" used, involving unfair tactics to destroy competition.
What are monopolies?
200
If a country focuses its resources on producing only one or two goods to increase efficiency, they are practicing...?
What is specialization?
300
What you give up when you make an economic choice between two options.
What is opportunity cost?
300
An economic system where the government controls all decisions about production and pricing.
What is command?
300
What economists track using the average increase in the price of items from month to month or year to year.
What is inflation? (CPI also accepted)
300
Progressive President who was a famous trust-buster and fought against unfair business practices in the Gilded Age.
Who is Theodore Roosevelt?
300
A point representing "inefficiency" on the graph shown.
What is Point A?
400
When you are between jobs or looking for a job after graduating from college/trade school.
What is frictional unemployment?
400
Type of money that is only worth what we as a society agree it is worth.
What is fiat currency?
400
Measures the percentage of workers in the labor force who do not currently have a job but are actively looking for work.
What is unemployment?
400
An example would be taking out a loan on a house or a loan with stable, low interest. (The opposite of what you would have if you frequently used a high interest credit card to buy clothes you can't afford.)
What is good debt/credit?
400
Every economic system started out as this, focused on farming and using commodity money if they had any currency at all.
What is agrarian economy?
500
Discretionary spending
What is the part of a budget that is most flexible, where you can decide how much you spend?
Also accepted:
-wants and not needs
500
The specific type of capitalism that was practiced by the US between the 1860s and 1920s, where manufacturing was the focus and there was very little government regulation.
What is laissez-faire capitalism?
500
The average % increase that economists agree is usually 'good' for GDP and inflation.
What is 2-4%?
500
The cultural "opposite of American-style economic system, pioneered in the late 1800s and early 1900s.
What is communism?
500
Being more efficient at producing a specific item, and therefore better off if you focus your efforts on producing that item.
What is (comparative) advantage?