UNIT ONE
this is a situation that involves losing the quality or value of one thing for an alternative
What is a trade off?
This was a period of economic downturn in the U.S. economy with a slow recovery
What was the great recession?
This type of policy addresses interest rates and the money supply in circulation and is managed by the feds.
What is monetary policy?
This is the ability of a specific country to produce goods at a lower cost per unit. This allows countries to produce a high volume of goods with a certain amount of resources.
What is the absolute advantage?
This is the amount in trillions of the current national debt
What is 33.13?
This economic freedom factor is important because without it the creation of long term value or private capital is difficult. This economic freedom factor requires a stable currency and market determined prices
What is monetary freedom?
This was the longest recession and recovery period in United States history
What was World War II?
This department plays the role in fiscal policy of producing coin & currency, distributing payment to Americans, collecting revenue and borrowing necessary funds to run the government.
What is the department of treasury?
This is the difference between a country’s exports and imports
What is a trade balance?
The most outsourced jobs by the united states were in these two fields
What is accounting and IT?
in this economic system, the ruler of government makes all economic decisions and owns all of the factors of production
What is a command economy?
During this part in the business cycle businesses produce more and hire more employees, consumer spending is rising on all items, inflation is increasing, and GDP is rising out of a recession
What is an expansion?
This is a program that creates economic security for the American people and pays retired workers older than 62 so they can have a continuing income.
What is social security
This limits imported goods and favors developed countries
What are quotas?
Americas last sustained budget surplus was during the 90s under this administration
What was the Clinton administration?
This economic freedom factor ensures an accessible and efficiently functioning formal financial system that diversifies savings, credit, payment, and investment services to individuals and businesses. This open banking environment encourages competition in order to provide the most efficient financial intermediation.
What is financial freedom?
This man did not think that the United States constitution granted the government the power to incorporate a bank. He didn’t think that making a bank and regulating commerce was protected under the constitution. He thought that whoever was in charge of the bank would have too much freedom and would become corrupt. This man thought that the states were capable of doing their own banking.
Who was Thomas Jefferson?
These are the legal rights that are given to the inventor or creator to protect his their invention or creation for a certain period of time
What are intellectual property rights?
In North Carolina, this product production emerged due to low cost labor, an abundance of timber and transportation. This product production emerged in North Carolina following the civil war
What is furniture?
This percent of all US textile exports are from North Carolina
What is 20%?
In the communist manifesto, Karl Marx uses these two labels to describe the two classes
What is the Bourgeoisie and Proletariat?
This is a statistic about economic activity and allows analysis of economic performance and predictions of future performance
What is an economic indicator?
This is the increase in social security benefits that counters inflation
What is the COLA (Cost of Living Adjustment)?
These are North Carolina's big 5 industries
What is technology, banking, food processing, vehicle parts, and pharmaceuticals
By this year, 750000 U.S. apparel manufacturing jobs had disappeared
What is 2011?