unit1
Using resources in such a way as to maximize the production of goods and services
efficiency
Intrest is price paid for the use of borrowed money
collecting and paying interest
Demand is ...if you buy much less of a good after a large price increase
Elastic
what are the main three types of unemployment
fictional, structural and cyclical
What did the Egyptians use for money?
Egyptians used gold currency
The study of how people seek to satisfy their needs and wants by making choices
economics
calculating simple intrest
intrest=principal*rate*time
If dominos raises their price to $20 for a small pizza, instead of buying dominos you budget the $20 to help buy groceries for the week/month.
Effects on Demand
The Nominal GDP is not adjusted for...
inflation
When did humans start using money?
Money has been part of human history for at least the past 5,000 years in some form or another. Historians generally agree that a system of bartering was likely used before this time.
The study of how people seek to satisfy their needs and wants by making choices.
the fundamental economic problem of scarcity,
A type of investment by the bank into Ventures like new businesses
Providing loan
Consumers will buy….. things at a low price then a high price.
more
The D stands for …..meaning within that nation's boundaries.
Domestic
what did people use before money?
a system of bartering
The difference between the value that an activity generates and the cost of the activity
profit
Mutual savings banks are owned by depositors
Savings banks
The cost of gathe Vir resources to make a product and if the price of those items change then the quantity supplied can shift left or right.
The price of Resources:
What does WTO stand for and what do they do? (short answer below)
world trade Organization
What was the first version of money?
In China, the first currency took the form of cowrie shells, though these tiny treasures were soon supplemented and swapped for coins made out of metal.
Using fewer resources than an economy is capable of using
underutilization
Offers wide general range of services
Commercial banks
If a business is already earning a Profit by producing a good then increasing the price will increase their profit.
The Effect of Price on Production and Number of Suppliers
Dollar value refers to the.....value of the sales for all goods and services produced by a....
cash and nation
Is barter legal?
The IRS considers bartering to be a form of income that incurs taxes.