Chapters 1 & 2
Chapter 3
Miscellaneous
Chapter 10 I
Chapter 10 II
100
Who satisfies public wants?
Local, federal and state government
100
Prosperity, Recession, Depression and Recovery
Phases of the Business Cycle
100
the total amount of money the government owes
what is the national debt?
100
When a country imports more than it exports.
Trade deficit
100
Exports for one country are ______________ for another country.
Imports
200
The means to produce goods and services.
Factors of production
200
Measure of how well the people in an economic system live.
Standard of living
200
Communism & Socialism
Type of Command Economy
200
A corporation that does business in many countries.
Multinational Corporation (MNC)
200
The price at which one country can buy another country's currency.
Exchange rate
300
Study of how society chooses to use its resources to produce and distribute goods and services.
Economics
300
General increase in the price of goods and services.
Inflation
300
Capitalism.
Type of Market Economy
300
A limit placed on the amount of a product that can be imported.
Quota
300
Countries sell what they produce best so they can buy what other countries produce best.
Specialization
400
The amount of goods and services that producers are willing to provide at various prices.
Supply
400
When an economy becomes too productive and inflation spirals out of control.
Hyperinflation
400
that which we forgo, or give up, when we make a choice or decision
opportunity cost
400
When a country stops the import completely of a product.
Embargo
400
When the value of a country's currency goes up compared to another country's.
Favorable exchange rate
500
Economic decisions are made in the marketplace according to the laws of supply and demand.
Market Economy
500
What are the four economic indicators?
GDP, Unemployment, Inflation and National Debt
500
quantity demanded equals quantity supplied
what is market equilibrium
500
When countries merge their economics into one huge market.
Trade alliance
500
Difference between how much a country imports and how much it exports.
Balance of trade
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