Global Activity
the study of big economic picture
macroeconomics
Every country has a unique ____ system
economic
limited resources and an unlimited demand by population
scarcity
Personal Finance is 20% head knowledge and 80% ______.
behavior
the study of the behavior of in small economic units like businesses and individuals
microeconomics
An organize way in which a nation or country manages all their buying, selling, and production.
economic system
Scarcity occurs when there's a greater ____ for something than what's available.
demand
Net worth is what you own minus what you ____.
owe
the study of how the economy in all parts of the world operate
global economics
Name 2 of the 4 basic types of economic systems.
traditional, command, market, and mixed
If the gov fears there may be a shortage of something they might _____ it.
ration
The problem isn't that we don't know what to do--it's that we ____ not to do it.
choose
The total value of all final goods and services produced in a country in a given period of time
gross domestic product (GDP)
An economic system helps determine the way a country makes ____.
decisions
Name 2 of the 4 protectionism policies.
tariffs, product standards, gov subsidies, and quotas
Debt is a dream killer and a ____ maker.
nightmare
Name two things that economists look at to figure out whether a country is developed or developing
GDP, per capita income, level of the industry, and standard of living
What economic system does the United States operate with?
Mixed economy
During the pandemic when things like toilet paper and hand sanitizer were in high demand is an example of what?
scarcity
Student loans have become normal, and normal is ____.
broke