Money
The way in which the nation's money income is divided among the nation's households.
What is Personal Distribution of Income?
Consumption + Investment + Government + Net exports C+I+G+(X-M)
What is the formula for the expenditure model of GDP?
1993 agreement establishing a free trade zone composed of Canada, Mexico, and the US
What is the North American Free Trade Agreement?
Entitlement programs and our marginal progressive tax system are examples of this type of fiscal policy measure.
What is automatic fiscal policy?
Industries/businesses most likely to be impacted by changes in monetary policy
What are those that produce goodsand services that are interest-sensitive (usually purchased with a loan), such as durable goods such as homes and cars or services such as higher education?
What is Fiat money?
It is GDP that has not been adjusted for inflation
What is nominal GDP?
A tax or duty to be paid on a particular class of imports or exports.
What is a tariff?
Fiscal policy that seeks to fight inflation during an expansion.
What is Contractionary Policy?
Open market operations, the discount rate, and reserve requirements
What are the three monetary tools?
A physical item such as gold or silver, that possesses intrinsic value.
What is commodity money?
A monetary measure of the market value of all the final goods and services produced and rendered in a specific time period by a country
What is GDP?
Moral principles that govern a person's behavior or the conducting of an activity.
What are ethics?
These things fund public services, promote economic stability, ensure social equity, support national defense, and foster civic responsibility.
What are the pros of taxes?
The Federal Reserve Act of 1913.
What gives the Federal Reserve power to use monetary policy?
Economic tool used to determine exactly the amount of the new demand deposits that can be created from an initial deposit.
What is a money multiplier?
A measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods
What is CPI?
A person's standards of behavior or beliefs concerning what is and is not acceptable for them to do.
What are morals?
Congress and the President
Who is in charge of Fiscal Policy?
The total amount of money—cash, coins, and balances in bank accounts—in circulation
What is the money supply?
Durability, portability, divisibility, uniformity, limited supply, and acceptability are all characteristics of this thing.
What is Money?
3.9%
What is the current unemployment rate in the US?
A farmer decides to plant wheat for the upcoming season. He chooses wheat over planting barley or hops. He decides that wheat is his first choice, hops are his second, and barley is third. Hops are his opportunity cost.
What is a scenario using farming to explain opportunity cost?
The type of tax system we have in America.
What is progressive tax?
A type of monetary policy by which a nation's central bank tries to increase the liquidity in its financial system,
What is quantitative easing?