combination of both a market and a command economy.
What is a mixed economy?
100
the amount of money owed by the federal gov.
What is national debt?
100
provide as many jobs as possible.
What is full employment?
100
total value of all goods and services produced in a nation over a specific period of time, usually a year.
What is GDP?
100
What do price ceilings create?
What is shortages
200
a central authority (usually gov.) makes most of the what, how, and for whom decisions.
What is a command economy?
200
how much over the budget the U.S. gov. is year to year.
What is national deficit?
200
when changes in the structure of the work place change the need for workers.
What is Structural Unemployment?
200
how the gov. spends money and imposes taxes.
What is fiscal policy?
200
What's the free enterprise system?
What is a market economy in which privately owned businesses have the freedom to operate for a profit with limited gov. intervention.
300
people and firms act in their own best interests to answer the what, how, and for whom.
What is a market economy?
300
what is a Budget Surplus?
What is having money over the budget?
300
unemployment because of the change of the seasons.
What is seasonal unemployment?
300
shows monthly changes in the prices of goods and services by monitoring the price of things usually purchased by consumers.
What is CPI?
300
Who has the highest GDP?
What is United States?
400
laborers usually produce at a subsistence level making just what they need to survive.
What is a traditional economy?
400
monetary policy resulting in lower interest rates and greater access to credit; associated with an expansion of the money supply.
What is Easy Money Policy?
400
workers who are in-between jobs (looking for another job).
What is Frictional Unemployment?
400
actions by the federal reserve system to expand or contract the money supply in order to affect the cost and availabilitly of credit.
What is Monetary Policy?
400
give three (3) examples of seasonal unemployment.
What is Life Guard. Six Flags. Haunted Houses. (answers can vary)
500
What are the seven (7) goals of the U.S. economy?
What is economic freedom, economic efficiency, economic equity, economic security, full stability, economic growth, full employment.
500
monetary policy resulting in higher interest rates and restricted access to credit; associated with a contraction of the money supply.
What is Tight Money Policy?
500
unemployment directly related to swings in the business cycle.
What is cyclical unemployment?
500
What are the three (3) types of taxes? explain.
What is progressive tax- the more money you make, the more you are taxed.
regressive tax- people pay a higher portion of tax, the less money they make.
proportional tax- everyone pays the same amount, proportional to their income.
500
What are the three (3) types of businesses? And, explain each.
What is Sole Proprietorship- business owned by an individual or the members of a household.
Partnership- a business that is jointly owned by two or more people.
Corporation- a business recognized by law as a seperate legal entity giving it all the rights of an individual.