Show:
Business Cycle
Unemployment
Types of Economy
Debt & Deficits
Taxes & The Fed
100
The lowest point on the business cycle
What is a trough?
100
caused by people changing jobs or wanting new ones
What is Frictional unemployment?
100
economy where the price, supply, & demand influence what is produced
What is market economy?
100
the total amount that the government owes to other countries and its citizens
What is national debt?
100
tax where percentage of income paid in tax rises as income rises
What is progressive tax?
200
The highest point on the business cycle
What is a peak?
200
directly related to swings in the business cycle
What is cyclical unemployment?
200
where the government controls almost everything
What is command economy?
200
how much a country goes over its budget each year
What is national deficit?
200
tax in which percentage of income paid in tax is the same regardless of the level of income
What is proportional tax?
300
The period when which real GDP declines for two quarters in a row
What is recession?
300
cause by change in the economy
What is structural unemployment?
300
economy where the government only intervenes when necessary
What is mixed economy?
300
where the government uses less than its budget in a year
What is budget surplus?
300
tax where percentage of income paid in tax goes down as income rises
What is regressive tax?
400
period of recovery from recession
What is expansion?
400
where the season ends and people get laid off
What is seasonal unemployment?
400
where nearly all government stems from ritual, habit, or custom
What is traditional economy?
400
dollar value of all final goods, services, and structures produced within a countries national borders in one year
What is GDP?
400
an expansion of the money supply
What is easy money policy?
500
when recession and expansion don't occur and the economy follows a steady growth path
What is a trend line?
500
when national unemployment is less than three percent
What is full employment?
500
where illegal and unreported activities are excluded from the GDP
What is underground economy?
500
roughly $16 trillion
What is the national debt?
500
contraction of the money supply
What is tight money policy?