Market Economy
The act of giving up one thing in exchange for another.
What is a trade-off?
Indicator that measures how people are feeling about the economy.
What is UMSCENT(University of Michigan Survey of Consumer Sentiment)?
Two tools the Government uses to influence economic growth.
What are taxes and spending?
Companies do this to save money however, it is often at the expense of domestic job.
What is outsourcing?
Mrs. Hartline's favorite candy.
What is dark chocolate?
The value given up by not taking advantage of the next best alternative.
What is opportunity cost?
Occurred during 2007-2009, caused by the collapse of the housing market.
What is the Great Recession?
This is the largest area of spending for the Government made up of mostly Social Security, and Healthcare.
What is mandatory spending?
Placing them on imported goods protects the value of the domestic good.
What are tariffs?
Gabi, Emma, Luke, and Beau
Who are Mrs. Hartline's children?
Unlimited wants in the face of limited resources.
What is scarcity?
This reduces the purchasing power of your money over time.
What is inflation?
Your income is subject to a range of corresponding tax percentages.
What is the marginal tax rate?
Replacing NAFTA, this agreement has helped facilitate a more equal trade among the three North American Countries.
What is the US-Mexico-Canada Agreement (USMCA)?
Take a hike in the woods.
What is what Mrs. Hartline likes to do in her spare time?
Traditional, command, mixed, and free.
What are economic systems?
What is the Federal Reserve's dual mandate?
Employers and employees pay this to ensure the welfare of the citizens of the nation. You need to have worked for at least 10 years to qualify for benefits.
What is social security?
The value of a countries imports verses exports.
What is a trade balance?
Stuart, Florida.
What is Mrs. Hartline's hometown?
Sunkist and Fanta
What are supplements?
Households supply factors of production to the resource market, which sells those to business market, which supply goods and services to the product market. Households then buy goods and services from the product market.
What is circular flow?
What are intellectual property rights?
A country would want to know what they have a comparative advantage in so they would know what products to do this with.
What is specialize in?
Now that we are done with economics. We will be moving on to this subject.
What is personal finance?