Economics
When the demand for a good or service is greater than the availability of the good or service.
what is scarcity
Definition of Fiat money
Paper money that is printed and made official by government
A country that has experienced hyperinflation
What are Venezuela, Zimbabwe, Germany, etc.
The direct trading of goods and services between people without the use of money
What is barter
Value of the thing given up when a choice is made between two things
What is opportunity cost
Someone who buys goods and services
What is a consumer
Actions done for others in exchange for payment
What are services
Products that people consume or use
What are goods
The desire to have a good or service and the ability to pay for it
What is demand
Things in nature for which man has found a use
What are natural resources
Someone who makes goods or provides services
What is a producer
The study of how we produce and distribute our wealth
What is economics
The amount of a good and service that businesses produce
What is supply
Income inequality
What is the difference in how income is distributed among individuals (unevenly distributed)
The three functions of money
What is
1) a medium of exchange
2) a store of value
3) a unit of account
Economic system in which the government controls and sets prices
What is communism
The definition of food desert
an urban area in which it is difficult to find or buy affordable or good-quality fresh food
Economic system in which maintains a hands-off approach to the economy; minimal involvement
What is capitalism
The definition of inflation
An increase in price over a sustained period of time
The difference between real and nominal values?
What is: real is adjusted for inflation, nominal is not
The three types of unemployment
What are Cyclical, Structural, Frictional
The economic system in which individuals/businesses decide what, how, and how much will be produced/sold
What is capitalism
The value of all goods and services produced within a country in a single year
What is the Gross Domestic Product (GDP)
A system that protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims.
What is a Mixed Economy
This helps protect employee rights, stops monopolies, and holds companies accountable
What is government regulation