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Unit 1
Unit 2
Unit 3
Unit 4
Unit 5
100
A society has limited resources and therefore cannot produce all the goods and services people wish to have.
What is Scarcity?
100
Own businesses that produce goods and services.
What is a producer?
100
The study of economics as a whole.
What is macroeconomics?
100
Goods and services bought from other nations.
What are imports?
100
Money you pay into a business with the expectation,but not the guarantee of future rewards.
What is an investment?
200
The study of how society manages its scarce resources.
What is economics?
200
Producers and consumers.
What are the 2 basic units of microeconomics?
200
They measure how strong the economy is.
What are key economic indicators?
200
Imposed by nations to limit imports.
What are trade barriers?
300
Giving up one thing to receive another.
What is opportunity cost?
300
Exchanges that businesses must make in order to produce things.
What is the factor market?
300
Increase in the average price of goods and services.
What is inflation?
300
Open trade between nations.
What is free trade?
400
A reason to do something.
What is an incentive?
400
Where households spend income.
What is the product market?
400
The alternating periods of growth and recession in an economy.
What is the business cycle?
400
Governmental policy that attempts to limit imports.
What is protectionism?
500
The four factors of production.
What is Land,labor,capital, and entrepreneurship?
500
Anything that is accepted for payment.
What is the medium of exchange?
500
The interest rate the FED charges the banks to lend them money.
What is the discount rate?
500
Tariff,quota,standards,subsidies,embargo
What are examples of trade barriers?