this is to import the things we want, and to export other things in order to pay for imports.
What is the key point of international trade?
100
puts regulations on products.
What is the governments role in the American economy?
100
Minimum wage.
What is a price floor?
100
high unemployment and inflation.
What are two of the biggest threats to a nations economic stability?
100
this has brought the value of the dollar down 95% since it was created in 1913.
What is the Federal Reserve?
200
growing and selling rice in China.
What is comparative advantage?
200
Land, Labor, Capital, and Entrepreneurship.
What is the factors of production?
200
Store, Internet, Entertainment, and Services.
What are four examples of a market?
200
the three parts of the business cycle.
What is recession, depression, and recovery?
200
the economic system Soviet Russia used.
What is a command economy?
300
used to measure the economies performance.
What is Real GDP?
300
a worldwide ban on rice.
What is and example of macroeconomics?
300
Technology, Taxes, Price of Inputs, and Number of Firms
What are the four determinants of supply?
300
Freedom, Efficiency, Equity, Security, Stability, and Growth.
What are the goals of free enterprise?
300
Tangibles goods, Intangible goods, Durable goods, and Non durable goods.
What are goods and services?
400
Consumer, Investments, Government, and Net Exports.
What are the four economic categories that make up the GDP?
400
two limited resources that contribute to scarcity
What is time and income
400
The price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy.
What is Equilibrium price?
400
the group of items that are priced, includes about 80,000 specific goods and services that fall into categories such as food, housing, transportation, clothing, education, medical care, and personal care.
What is a market basket?
400
What should be produced?
How should it be produced?
For who should it be produced?
What is the three basic basic questions all economic systems face.
500
these are the three main international trade agreements.
What is NAFTA, WTO, and EU?
500
Traditional, Command, Market, and Mixed.
What are the four basic economic systems?
500
Population, Income, Preferences, Substitutes, and Compliment goods.
What are the five determinants of demand?
500
the role of government in the American economy.
What is limited?
500
is the view that in the short run, especially during recessions, economic output is strongly influenced by aggregate demand.