Vocab
________ is something that is being shipped into the US.
What is an import
What is the total value of all good and services produced in a country during a given time period?
What is GDP
______ is a tax on imports.
What is a tariff
_______ financial institutions that offer full banking services to individuals and businesses
What is commercial banks
Changing tax policies is _______ policy.
What is fiscal policy
_______ is when a business is a sole provider of a good or service.
What is a monopoly.
What is GDP adjusted for inflation?
______ is a limit placed on imports.
What is a quota.
______ are non profit , but are only open to members of the group that sponsors them.
What are credit unions.
The interest rate that federal reserve charges to partner banks is called the ________
What is the discount rate.
_______ is when the Federal Government changes it's spending or revenue.
What is fiscal policy.
How is a business cycle measured?
What is from peak to peak
When a country imports more than they export, they have a _______.
What is trade deficit.
________ is a national corporation that insures deposits up to $250,000.
What is the FDIC
The amount of money that partnering banks must keep in liquid reserves to bank with the Federal Reserve is called the ______
What is the reserve requirement.
________ is when one country is able to produce a product with a lower opportunity cost than another country.
What is comparative advantage.
Who is in charge of calculating inflation?
Who is the Consumer Price Index.
Socialism and communism are types of ______ economies.
What are command economies.
_______ has 12 districts and is a bank for the federal government and for other banks. It is in charge of controlling monetary policy.
What is the Federal Reserve
The federal government is allowed to use ________ __________, which is when they spend more than make in revenue.
What is deficit spending.
______ is the stock is trending downward, encouraging investors to sell their stocks.
What is a bear market.
What is an instrument used to measure and report the change in prices of sets of stocks?
What is a stock index.
Tariffs and quotas are both examples of __________, which is aimed at protecting a nations economy.
What is protectionism.
Who oversees the federal reserve?
Who is the Federal Reserve Board
_____ is the Federal Reserve's sale and purchase of federal government securities; the monetary policy tool used most by the federal reserve to adjust the money supply.
What are open market operations.