GDP
gov't spending
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100

what is the U.S national debt

22 trillion

100

what are some examples of major taxes

personal income, social insurance, corporate income, sales, property, or customs duties

100

define protectionism

people who argue for trade restrictions to protect domestic made products in the U.S. 

100

what are the four factors of production

land,labor,capital, and entrepreneurs

100

what are credit unions 

non profit financial institutions owned by its members

200

what does GDP stand for?

Gross Domestic product 

200

what are proportional taxes

proportional taxes take the same percentage of all income

200

what are stocks

a share in the ownership of a company

200

what is a traditional economy

a system where traditions and customs govern economic decisions 

200

what are commercial banks 

for profit, institutions that provide various products and services

300

define what GDP is

how much the united states makes

300

what are progressive taxes

progressive taxes take a larger percent of higher incomes than lower incomes 

300

whats a stockbroker

they make the actual trade and take a fee for every stock trade

300

what is a command economy

the government or other central authority makes all the economic decisions 

300

what is the law of demand

as the price of a good rises, the quantity falls overtime 

400

what are net exports

the difference between what the nation sells to others and what we buy from other countries

400

what are regressive taxes 

taxes that take a larger percent of lower incomes than of higher incomes

400

define economics

the study of how people seek to satisfy their needs and wants by making decisions 

400

what is a market economy 

all economic decisions are made by individuals

400

what is supply

the amount of a good or service that producers are willing and able to offer

500

what are the five stats of measuring national economy

1: GDP

2: unemployment rate

3: national income

4: personal income

5: disposable personal income

500

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

500

when do shortages occur 

when producers will not or can not offer goods or services 

500

what is a mixed economy

the government and individuals share economic decision making

500

what is demand

the quantity of a good or service that buyers are willing and able to buy

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