Definitions
Period of economic downturn with high unemployment and low prices
What is: Recession
Define: Income Tax
What is: Tax that comes out of a person income, annually.
Ms. Miller's Birthday
What is: April 1
Name the capital of Ohio
What is: Columbus
List 2 of the 5 rights listed in the First Amendment
What is: Freedom of Speech, Freedom of Religion, Freedom of the Press, Freedom of Assembly, and Freedom of Petition
The interest rate the federal reserve charges banks
What is: Discount Rate
Define: Consumption
What is: The act of using up goods or services, often by eating, drinking, or using them.
The current president of the United States
Who is: Donald Trump?
Name where the President of the United States lives
What is: The White House
A dozen eggs last year were $3, this year it is $6, what is this called?
What is INFLATION
the central banking authority of the United States, which manages the nation's money supply
What is: The Federal Reserve System
Define TWO factors influence the economy
What is: culture, values, technology, natural resources, political structure, legal systems, social organization.
3 teams Lebron James has played for
What are: Miami Heat, Cleveland Cavaliers, LA Lakers
Name the branch where laws get created
What is The Legislative Branch
Name a requirement for running for President of the United States
What is: must be 35 years old, must be a "natural born citizen", must have resided in the U.S. for 14 years
A fixed-income security representing a loan made by an investor to a borrower for a specific period
What is bond
Define: Inflation
What is: an increase in the overall level of prices in the economy
Who are: Kendrick Lamar and Drake
Location of the Federal Reserve
Where is: WASHINGTON, D.C.
Name how many Senators there are for each state
What is: 2 senators in each state, regardless of population
Government policy that attempts to manage the economy by controlling taxing and spending (Congressional laws on spending and taxes)
What is Fiscal Policy
Define: Economy
What is: the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
Also acceptable: money, a system that deals with goods and services
Michael Jordan's main team in the NBA
What is: The Chicago Bulls
Name the part of the document where the first 10 Amendments are located
What is: The Bill of Rights
Expansionary vs. Contractionary
What is
Expansionary is for more money put into the economy and for people spend more
Contractionary is the economy slowing down and sucking money out of the economy