Economics Unit 1

totalitarian

A _______ government holds near complete control over the lives of its citizens.

three months

Economically, the government divides its earning marks into quarters, or every ___.

business cycle

Fluctuations through a series of economic expansions and contractions is part of ___.

The national bank

In 1837, President Andrew Jackson caused a depression for Martin Van Buren during his fight with ___.

commerce

The conducting of business is called ______.

populist

The depression of 1893 was directly responsible for the growing popularity of the ___ Party.

reissue of greenbacks

Those suffering from the 1873 depression pushed for ___.

barter

Transactions in a traditional economy are typically done with ___.

collect taxes

Under the articles, the government could not __________

China

What country owns a large portion of U.S. debt?

Russia

Which country's collapse greatly altered U.S. military spending?

federal trade commission

Which government agency deals most directly with consumers and their rights and protection?

Opportunity cost

Which of these represents things you miss out on when you decide to spend your money on something else?

adam smith

Which philosopher is most associated with a free-market economy based on self-interest?

Healthcare

Which portion of U.S. government spending took up the largest percentage of the 2016 budget?

the civil war

Which war and the subsequent agricultural surplus helped cause the 1857 depression?

des kapital

______ attempted to explain how capitalism could end in a worker-operated government without social classes.

profit

_______ is the primary motivating factor in a market economic system.

credit

a consumer's record of going into and getting out of debt in a faithful and punctual way

command

There is little chance to gain wealth or succeed in a ____ economic system.

an expansion

A country's economic peak is followed by ___.

traditional

A(n) ________ economic system is characterized as agricultural and lacking in technology.

tariff

A(n) ________ is a tax on goods imported from other countries.

the enlightenment

Concepts of the market economic system stem from which movement?

marketplace

Consumers and sellers create a ___ where goods and services are exchanged.

six months

In order for a country's economic condition to be considered a recession, the economy and GDP must be in decline for ___.

banks made risky loans

One major cause of the 2008 financial crisis was that ___.

overspeculation

One of the major causes of the economic downturn of 1819 was ___.

proletariat

The French word for a member of the working class is _________.

14 trillion

The U.S. government debt in 2015 was about ___.

communist manifesto

The _______ was a pamphlet of communist economic thought.

department of state, war, treasury

The first three departments of the early American government

mixed

The government controls some but not all industries in a(n) _________ economic system.

self-interest

The idea of ___ is that both the buyer and seller will do what is right in order to maintain a trading relationship.

unsecured debt

money owed that imposes a higher interest rate because repayment is not guaranteed