Terms 1
What term refers to the branch of knowledge concerned with the production, consumption, and transfer of wealth?
Economics
What economic system is characterized by private ownership of businesses and minimal government interference?
Capitalism
In which economic system are the means of production owned by the community as a whole?
Socialism
What is the total value of all goods and services produced within a country in a specific period?
GDP
What is the American Dream?
Answers vary
What is the term used to describe the amount of goods available to be used?
Resources
What is the value of the next best alternative that must be forgone for the option that is chosen?
Opportunity Cost
Which term refers to the study of economics at the level of individual consumers or groups of consumers?
Microeconomics
The Social Progress Index measures:
The extent to which countries provide for the social and environmental needs of their citizens
Which area of the country has the least economic mobility?
Southeast
Which term refers to the basic problem of economics that results from the combination of limited resources and unlimited wants?
Scarcity
In economics, what are rewards that encourage action or motivate effort called?
Incentives
What term describes the study of economics at the level of an economy as a whole?
Macroeconomics
What does the term "national debt" refer to?
The sum of all money owed by the government
What are some of the factors that go into economic mobility?
segregation, education, social capital, etc.
Which economic system combines elements of capitalism and socialism?
Mixed Economy
Which economic school of thought focuses on the idea that government intervention is necessary to ensure economic stability?
Keynesian
What index measures the well-being of a country's inhabitants based on basic human needs and foundations of well-being?
World Happiness Report
What do we call the disparities in access to resources and opportunities among different groups in society?
Opportunity gaps
What is the name of the proposal that would give a certain amount of money to all adults in the US?
Universal Basic Income (UBI)
What type of currency has no intrinsic value and is declared by the government to be legal tender?
Fiat currency
What economic theory promotes the idea of focusing on sustainable and equitable growth?
Doughnut Economics
What is the central banking system of the United States that controls the flow of money and interest rates?
The Federal Reserve
Describe the concept of interest rates
The percentage of a loan or credit card balance that is charged by the lender to the borrower
How much of the wealth in the United States does the bottom 50% of earners control?
1%