Unit 1
The United States, Japan, and Great Britain were all examples we gave in class of this type of economic system.
What is a Market Economy?
This happens to the price in a market when the number of sellers is much higher the number of buyers.
This is the amount of a good available to consumers in a given market.
What is supply?
This is defined as a tax on imported goods.
This term refers to when companies decide to move their jobs from the domestic market and move them overseas.
What is outsourcing?
This type of economy occurs when the government has total control of the means of production and determines what is and how much is produced.
What is a Command Economy?
These three welfare programs are all apart of the Federal Insurance Contributions Act (FICA)?
What is Social Security, Medicare, and Medicaid?
This is a consumer's desire to buy a given product in a market.
What is demand?
This economic term refers to the total monetary value of all goods and services produced in a country during a specific period of time.
What is Gross Domestic Product (GDP)?
This economic term is a measure of the average output per person in a country or a region.
What is GDP per Capita?
This economic thinker was known for their idea of "rational self-interest" that argued that people would be better off if they followed their own economic interests.
Who is Adam Smith?
The value of what an individual gives up in order to do something else is called this.
What is Opportunity Cost?
This is the economic term for when a company's total costs is equal to their total revenue.
What is "Break-Even?"
This federal government program was created to help consumers with fair trade practices as well as stopping unfair, deceptive, and fraudulent business practices.
What is the Federal Trade Commission (FTC)?
In order for the economy to be in an economic recession, the real GDP of that country must be in decline for this long.
What is 6 months?
This economic term refers to the idea that people do not have enough resources to satisfy their unlimited wants and needs.
What is scarcity?
This is the term for a portion of a company's profit paid to stock holders.
What is a dividend?
This term is the additional satisfaction or usefulness obtained for acquiring or consuming more unit of a product.
In order for stagflation to be official, these three factors have to be present in the economy.
What is high unemployment, high inflation, and low economic growth?
The United States uses this to track inflation.
What is the Consumer Price Index?
These are the four factors of production.
What is land, labor, capital, and entrepreneurship?
This is why the Federal Reserve Board would lower the reserve requirement and interest rates.
What is to increase the amount of money in circulation?
If the cost of the products needed to produce a good went up, then this would occur to the market.
What is the supply curve would shift to the left/decrease?
This term is defined as the difference between the value of a nation's imports and the value of its exports.
What is the Balance of Trade?
This economic theory believes that the government should largely stay out of the economy and focus on lowering taxes and deregulation of businesses.
What is Supply-Side Economics?