Money..Money...Money
Used to calculate specific amounts
Unit of Account
The final measure of all goods and services produced within a single country in a year
Gross Domestic Product (GDP)
What are the qualifications of being Unemployed?
No job & Looking for work
This type of spending requires the Government to pay specific amounts and it includes Medicare, Social Security and Interest.
Mandatory Spending
What was the name of the first Disney princess?
Snow White
One has no intrinsic value the other is made of a valuable material
Fiat Money & Commodity Money
Business Cycle
This is the major consequence of inflation
Reduced purchasing power
This type of tax increases the prices of certain taboo products to adjust people's behaviors
Sin Tax
What does NASA stand for?
National Aeronautics and Space Administration
Scarcity
Kevin changes the oil in his car. Would this be counted in GDP. If not, WHY?
Not counted, because it is a non market activity.
Stacey and 600 other workers just lost their jobs due to an economic crash. This describes which type of unemployment?
Cyclical
This is the central bank, which controls our country's financial system and is mostly independent from the other branches of government.
The Federal Reserve
Who was the first basketball star to appear on a box of cereal?
Michael Jordan
Fiat
_________ is not adjusted for inflation
_________ is adjusted for inflation
GDP
Real GDP
Venezuela and Pre-World War II Germany both experienced ___________________ which was due to _______________________. (hint it is a period of inflation that causes inflation rate to be more than 500%)
Hyperinflation due to excessive monetary growth (over-printing money)
The type of policy is controlled by the president and congress and uses taxes and govt. spending to fix either recessions and/or expansions.
Fiscal Policy
What is the strongest muscle in the human body?
This is a place where people store money and can receive loans
Banks
What economic indicators are used to describe an EXPANSION?
Demand Pull Inflation, High Output, and low unemployment
The United States current unemployment rate is 3.9% and there current inflation rate is 3.2% . What are they currently experiencing?
Expansion
The United States is experiencing a recession and it needs to be fixed using interest rates and reserve requirements. Which type of policy is needed and who controls it?
Monetary Policy controlled by the Federal Reserve
What is ailurophobia? (Hint: Ms. Ash has 3 and would lose these 3 if she developed this fear)
Fear of cats