Unit 1
the study of how goods and services are produced and consumed
What is Economics?
the highest point of the business cycle
what is peak?
Accounts for over half of all US spending
What is Mandatory spending?
Allows a country to produce a good or service at a lower opportunity cost
What is Comparative advantage?
Global integration of the economics of the world
What is Globalization
The three basic resource types
What is needs, wants, and luxuries?
what is speculation?
Addresses taxation, government spending, and borrowing and is generally determined by government legislation
The ability of a specfic country to produce a good at a wer cost per unit
What is the Absolute advantage?
Federal Insurance Contribution act
What does FICA stand for?
When human want for goods, services, and resources exceeds what is available
What is Scarcity?
To take in a dollar and recieve a fixed amount of gold
What is the gold standard?
The national current debt
33 trillion
Increased communication and trade, higher paying jobs, and increased standard of living
What are the benefits of globalization?
When spending is higher than revenue
What is a deficit?
Goods that increase when income goes down
what are inferior goods?
implements monetary policy to achieve the dual mandate.
What is federal reserve bank?
One persons use of good doesn't diminish another persons ability to use it
Limits the amount of goods imported
What do Quotas do?
When revenues and spending are equal
What market structure has traits of both oligopoly and competitive market
What is Monopolistic?
The committee that is responsible for open market operations
Protects a process, manufacture, composition, of matter, and a useful machine
What is a Utility Patent?
A wave of free trade policies wipe out restrictions and duties on clothing.
What happened in 1990s?
Economic slowdown, lease rates fall base, and no liquidity
What is the characteristics of a trough in the Business cycle