GDP
what is the U.S national debt
22 trillion
what are some examples of major taxes
personal income, social insurance, corporate income, sales, property, or customs duties
define protectionism
people who argue for trade restrictions to protect domestic made products in the U.S.
what are the four factors of production
land,labor,capital, and entrepreneurs
what are credit unions
non profit financial institutions owned by its members
what does GDP stand for?
Gross Domestic product
what are proportional taxes
proportional taxes take the same percentage of all income
what are stocks
a share in the ownership of a company
what is a traditional economy
a system where traditions and customs govern economic decisions
what are commercial banks
for profit, institutions that provide various products and services
define what GDP is
how much the united states makes
what are progressive taxes
progressive taxes take a larger percent of higher incomes than lower incomes
whats a stockbroker
they make the actual trade and take a fee for every stock trade
what is a command economy
the government or other central authority makes all the economic decisions
what is the law of demand
as the price of a good rises, the quantity falls overtime
what are net exports
the difference between what the nation sells to others and what we buy from other countries
what are regressive taxes
taxes that take a larger percent of lower incomes than of higher incomes
define economics
the study of how people seek to satisfy their needs and wants by making decisions
what is a market economy
all economic decisions are made by individuals
what is supply
the amount of a good or service that producers are willing and able to offer
what are the five stats of measuring national economy
1: GDP
2: unemployment rate
3: national income
4: personal income
5: disposable personal income
define merit and demerit goods
merit- goods deemed socially desirable by gov't leaders
demerit- goods opposite of merit goods. socially undesirable like gambling or smoking
when do shortages occur
when producers will not or can not offer goods or services
what is a mixed economy
the government and individuals share economic decision making
what is demand
the quantity of a good or service that buyers are willing and able to buy