Current Domestic Issues
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Basics - 101
"It's the economy stupid!"
- President William Jefferson Clinton
The Economic Type
100

It is the current US unemployment rate.

What is 3.5%?

100
apples, wood, water and oil
What are natural resources?
100
The basic economic problem that arises because people have unlimited wants but resources are limited.
What is scarcity?
100
The study of the behavior of the aggregate economy. It examines economy-wide phenomena such as changes in unemployment, national income, rate of growth, gross domestic product, inflation and price levels.
What is macroeconomics?
100
It is a system in which individual following their self-interest makes the decisions about production and distribution.
What is a Market Economy?
200

The most recent total has surpassed $31.1 trillion.

What is the US debt?

200
the doctor, the teacher, the plumber and the artist
What are labor resources?
200
The value of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action.
What is opportunity cost?
200
It analyzes the market behavior of individual consumers and firms in an attempt to understand the decision-making process of firms and households.
What is microeconomics?
200
It is an economic system, which is based on what has been done in the past.
What is a Traditional Economy?
300

It was little changed at 62.3 percent in September '22, and is approximately 1.1 percentage points below its values in February 2020, prior to the coronavirus (COVID-19) pandemic.

What is the Labor Force Participation Rate?

300
the hammer, the computer, the pencil and the lawnmower
What are capital resources?
300
Item of consumption that is useful to people, is naturally in abundant supply, and needs no conscious effort to obtain it. In contrast, an economic good is scarce in relation to its demand and human effort is required to obtain it.
What is a free good?
300
These people are jobless, actively seeking work, and available to take a job,
What is an unemployed person?
300
It is an economic system in which the government usually decides what to produce, how to produce it, and who will consume it.
What is a Command Economy?
400

This US measure of inflation includes the more volatile food and energy components.  It is widely used both in government decision-making and by the media.  Its key drawback is that it does not accurately account for the substitution effect by the consumer.



What is the CPI?

400
This, combined with land, labor, natural resources and capital can produce profit. Its spirit is characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in an ever changing and increasingly competitive global marketplace.
What is entrepreneurship?
400
It is a good that is scarce in relation to its demand and human effort is required to obtain it.
What is an economic good?
400
It is the role of every country's economic system.
What is the allocation of scarce resources?
400
What to produce? How to produce it? How much to produce? Who will consume it?
What are the basic questions of economics nations must answer about goods and services?
500

There are 42 gallons (approximately 159 liters) in one of these, which will contain approximately 5.8 million British Thermal Units (BTUs) or 1,700 kilowatt hours (kWh). The current price is roughly $86.50, down from $122 in June of 2022.

What is a barrel of oil?

500
A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, labor, etc.).
What is a Production Possibility Frontier/Curve?
500
A type of good for which demand declines as the level of income increases. This occurs when a good has more costly substitutes that see an increase in demand as the society's economy improves.
What is an inferior good?
500
In every economic system, scarcity imposes limitations on these elements.
What are households, businesses and governments?
500
It is an economic system in which is combination of the different economic systems.
What is a Mixed Economy?
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