Economic Systems
Economic system
What is the way a society provides for the wants and needs?
Wants as opposed to demands
What is the unlimited desires of consumers?
Define money.
What is something that serves and a form of exchange for goods and services?
The national debt
What is the amount of money the U.S. government owes?
Trade
What is the action of buying and selling goods and services?
The three economies
What is mixed, traditional, and command?
Explain the law of demand.
What is the price of a good increases, quantity demanded decreases?
He invented the first bank in America
What is Alexander Hamilton?
Role the government play in the economy
What is to promote economic stability and growth, and it attempts to regulate and control the economy.
Sending in goods to another country is an act of
What is export?
Economic system of the United States.
What is a Mixed economy?
When supply falls, the happens to the quantity demanded in equilibrium?
What is quantity demanded increases?
Deflation refer to
What is a reduction in the quantity of money and credit relative to other goods?
Where does federal taxes go
What is Federal spending, Defense spending, Social Security, and Medicare?
We trade becauses
What is when countries on their own do not have the resources or capacity to satisfy their own needs and wants?
Privately owned businesses have the freedom to operate for a profit with limited government intervention.
What is Free enterprise economy?
The law of supply implies that supply curves.
What is slope up?
The monetary system carried out by in the U.S.
What is the Federal Reserve System?
Starts in October 1 and ends September 30 of the next year.
What is fiscal year?
comparative advantage id determined by
What is opportunity costs, resource endowment, and technological advantage?
Some government interference and regulations in the economy good
What is it protects consumers from unfair or unsafe business practices, protects labor force, minimizes fraud, corruption,and unfairness in the market, protects resources?
The market for cereal in California is where there are more than a thousand stores that sell cereal at any given moment then suppose the Surgeon General issues a public statement saying that consuming cereal is bad for your health.
What is change in demand?
When the interest rate on a bond is _____ the equilibrium interest rate in the bond market there is excess _____ and the interest rate will _____.
What is below; supply; fall?
He presented their idea for the fiscal policy in America
Who is Keynes?
The economic mixing and interdependence of economies across the world through an escalation of cross-cultural movement of goods, services, technologies and wealth
What is Economic Globalization?