Basic Economics
The driving force behind 70% of all economic activity in the USA
What is consumer spending?
This economic theory is perfect and works great every time that it is implemented.
The four phases of the economic cycle.
What are Expansion, Peak, Recession, & Trough?
The current federal minimum wage AND the year that it went into law.
What is $7.25 and 2009?
The economic system that has the government controlling all industries and making all decisions.
The study of how a society uses its limited resources
What is Economics?
The economic theory that suggests the government should stimulate the economy by spending money to get out of a recession.
What is the Keynesisn Economic Theory?
Gross Domestic Product is a great quarterly or annual measure of this.
What is Growth?
The effects of this decision will lift close to a million people out of poverty but will raise expenses for most businesses.
What is raising the minimum wage?
The economic system that the USA initially incorporated and that is still mostly around today.
What is a Market economy?
The value of what someone gives up when choosing option A over option B
What is opportunity cost?
Another name for Supply-Side Economics.
The number of consecutive quarters that an economy has to have a dropping or negative GDP to technically be in a recession.
What is 2?
The 2 groups of people who are typically impacted the hardest during any recession
Who are people of color and/or poor people?
The right to own private property. The right to start a business and compete in a marketplace. The right to make a profit.
What are rights under a market economy?
This one word can describe the basic economic problem for ANY country
What is scarcity?
The economic theory that suggests the government should cut taxes of businesses & of the wealthy leading to the creation of more jobs.
What is the Supply-Side Economic Theory?
Unemployment is at its highest point in this economic phase.
What is the Trough?
This economic recession had more of a V shaped recovery and was not caused by factors building up in the economy.
What is the COVID recession?
The reason why every modern economy on Earth has a mixed economy.
What is because it offers countries the advantages of combining the Market and Command economic systems into 1 system.
Name the 4 factors of production (or categories of resources used to make goods and services)
What are Natural Resources, Human Resources, Capital Resource, & Entrepreneurship?
A common critique of the Supply Side Economic theory.
What is the lack of financial benefits truly trickling down to the middle/lower classes of society?
Consumer Confidence is an important measure the economy because...
(What is) If consumers are confident, they will more easily spend their money on goods/services, thus contributing to a growing economy.
The specific root cause that lead to the Housing Market crash and the Great Recession in 2008.
What is de-regulation of huge investment banks that lead to sub prime mortgages being offered to many Americans, leading to mass foreclosures?