Current Domestic Issues
Resources
Basics - 101
"It's the economy stupid!"
- President William Jefferson Clinton
Own Your Homework
100

Growth of this population accelerated after Congress made changes to U.S. laws in 1965. Today, they account for 14.3% of the U.S. population

What is an immigrant (or foreign born population)?

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 the amount of money the federal government has borrowed to cover the outstanding balance of expenses incurred over time

What is a Government Debt?

200

The most recent total has surpassed $35.7 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 the economic value of an individual's skills and experience, which can include education, training, health, and other qualities that employers value

What is Human Capital?

300

It is a term used to describe those who were born from 1946 to 1964. They formed the largest generational group in U.S. history until the millennial generation slightly surpassed them.  

Who are the 'Baby Boomers"?

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

In every economic system, scarcity imposes limitations on these elements.

What are households, businesses and governments?

300

It refers to goods that have been produced and are used to produce other goods and service


What is a Capital ?

400

In the United States, this dropped to 2.4% last month to its lowest point since it first began surging more than three years ago, adding to a spate of encouraging economic news.




What is the US Inflation?

400

This occurs by producing more output with the same amount of inputs, or producing the same amount of output with fewer inputs

What is an increase in productivity?

400

Sales taxes, excise taxes and tools are taxes all based on this principle

What is a benefit received?

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

This explains the general movement of money on a day-to-day basis through the relationship that exists between the main economic agents, such as companies, families (households) and the public sector (government).

What is an economic flow diagram?

500

It is largest expense for the US government accounting for about 21% of federal spending. 

What is social security?

500

In demographic terms, it is the portion of the population under 15 years of age plus the population 65 years of age and over, for a given country, territory, or geographic area, at a specific point in time.

What is the economic dependent population?

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