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Types of economies
Factors of the economy
The Business Cycle
The Fed
Vocab
100
What, how, and for whom to produce
What are the basic economic questions
100
A Rise In Prices
What is inflation
100
Top of the business cycle, prosperous time in economy
What is the peak
100
Central bank of the U.S.
What is the federal reserve
100
People pay a higher portion of tax the less they make
What is regressive tax
200
Former Soviet Union, Cuba, North Korea
What are command economies
200
Total value of goods and services produced over a span of a year
What is GDP
200
When the economy declines
What is contraction
200
Expansion or contraction of money supply
What is monetary policy
200
Everyone pays the same tax
What is proportional taxes
300
United States
What is a mixed market economy
300
When overall prices go down
What is Deflation
300
Low point of an economy, high unemployment
What is Trough
300
12 largest banks in the U.S.
What is federal reserve banks
400
Able to adjust to change gradually, Individual freedom for everyone, Lack of government interference, Decentralized decision making, Incredible variety of goods and services, High degree of consumer satisfaction
What is a market economy
400
Unemployment and prices rises at the same time
What is stagflation
400
Growth after a trough or low point
What is recovery
400
Small private banks
What is member banks
500
Economic Freedom, Economic Efficiency, Economic Equity, Economic Security, Full Employment, Price Stability, Economic Growth
What are the seven goals of an economy
500
Shows changes in prices of goods and services by monitoring purchases of consumers
What is CPI(consumer price index)
500
Continued expansion until the economy reaches its peak
What is expansion
500
Appointed by the president but does not answer to the government
What is the chairman and board of governors