Economics
What GDP stand for.
What is Gross Domestic Product
True or False Economics is about making choices?
What is true?
True or False Production is the demand for goods and services available in society.
What is False?
This is a medium of exchange in the United States
What is money?
The difference between a country's exports and importd.
What is the definition of net exports?
Economic effects external to the direct production of goods and services
What are externalities?
Type of market where private individuals own the means of production of goods and services.
What is a free economy?
Definied as getting goods and services to the market.
What is distribution?
Three examples of institutions that help the economy to operate.
What are corporations, labor unions and banks(financial institutions)?
US' major trade partner
Who is Canada?
How individual households & companies make decisions & how buyers & sellers interact in the market.
What is Macroeconomics?
The real cost of doing or making one thing vs the cost of not doing or making something else.
What is opportunity cost?
In this kind of market private individuals own the production of goods and services.
What is free market?
This done by the government discourages individuals to generate more income because much of what they earn will go to the government in the form of taxes.
What is high taxes?
Four Macroeconomic indicators.
(Varies) What are GDP, Unemployment rate, inflation rate, housing starts, sale of existing homes, poverty rate, household income
Said “Economics is defined as a study of mankind in the ordinary business of life.”
Who is Alfred Marshall?
Economy in which some authority dictates what and how much producers will produce.
What is a command economy?
The trading of capitals, goods services across international borders or territories due to a need or want of goods or services.
What is International Trade?
This is defined as the percentage of the population that lives below what the government determines to be the minimum income to provide needed goods and services.
What is poverty rate?
The 5 major components of GDP.
What are private consumption, fixed investments, changes in inventories, government purchases and net exports?
In a command economy government sets what
What is wages?
This is done by individuals, households, businesses and governments as they purchase goods and services.
What is consumption?
The two major players (contributors) in the simple circular flow diagram.
What are businesses and households?
In a command economy the government rations these two things to people.
What are goods and services?
In a command economy the government can limit this for people.
What is quantities purchased?