economics unit 1
GDP
________ is the statistic that shows the total value of all goods produced with a country reguardless of the national affiliation of those that own the company.
china
_________ holds a large portion of US debt in 2010.
national bureau of economic research
_____________ is an independent, private organization that observes and tracks the actions of the business cycle.
credit refers to:
a consumers record of going into and getting out of debt in a faithful and punctual way.
six months
a countrys economy and GDP must be in decline for _________ in order for its economic condition to be considered a recession.
trough
a period when a countrys economy (GDP) is at its lowest out put is a ______________ .
recession
a slowdown in economy characterized by rising unemployment, lack of consumption and investment, and banks slow to lend money is called.
command economy
all econmic decisions are made by the government with little or no input by the people
inflation
an increase of paper money into circulation causes ________ or a rise in prices due to the loss of value of money.
the business cycle
fluctuation along a countrys GDP line is known as _______ .
buiness cycle
fluctuations along the GDP line of growth are known as the ___________.
whats the purpose of interest?
for the leader to make money in exchange for giving money to those who need it.
health care spending
in 2010, _________ was recently increased greatly.
china
in 2010, what country owned a large portion of the US debt?
a farmer who grows a one acre farm to produce all the veggies his family will need over the course of a growing season.
in a traditional economic system, which scenario would one most likely see?
3 months
in the area of economics the government divides its earning marks into quarters or every ____________
recession
in the united staes, a decline in the economy for six straight months is considered a _________ .
consumer responsibility
knowing as much as you can before buying
market economy
market (consumer) decides what is made, sold, and bought.
the bank of the united states
president andrew jackson caused a depression for martin van buren during his fight with _______ .
to educate themselves on the products they are interested in, including its benefits and potential costs or problems.
the biggest responsibility that consumers have is ________ .
interest
the charge a leader places on borrowed money.
russia
the collapse of ________ greatly altered US military spending.
the barter system
the concept of "double coincidence of wants" is the instrumental part of _______ .
the populist party
the depression of 1839 was directly responsible for the growing popularity of the _______ .
expansion
the economy going from the trough to the peak is said to be in a state of ______ .
baby boom generation
the future of the us social security system is in jeopardy because of the __________
the united kingdom
the inventors of the mixed economic system came from?
trough
the lowest period for a countrys GDP is called ______ .
peak
the point at which a countrys GDP and economy reach top efficiency and is immediatly followed by a downtown is known as the _______ .
opportunity cost
the things you miss out on when you decide to spend your money on something.
the articles of confederation
this congress had little to no power.
barter system
trading of one item to recieve another item
barter OR trade
transactions in a traditional economy are typically done with ________ .
Russia
what countrys collapse greatly altered us military spending?
gross domestic product overspeculation
what does gdp stand for?
they preached the idea that capitalism was inherently flawed and the society will only improve when the workers take control of the economy.
what is the importance of karl marx and friedrich engles?
it did not give the federal government the power to operate the country.
what led to describe the first constitution as the "articles of confusion?"
military defense
what portion of the US spending takes up the largest percentage of the 2010 budget?
military
what takes up the largest percentage of the US spening in the 2010 budget?
the crimean war
what war and the subsequent agricultural surplus created the 1857 depression?
amazon rain forest of south america
which country or region best exemplifies a traditional economy?
federal trade commission
which government agency ensures that businesses operate legally so that the consumer will not mislead or harmed?
enlightment
which movement influenced the concepts of the market econmic system?
adam smith
which philosoperis most associated with the market economy?
enlightenment
concepts of the market economic system stem from which movement
credit
consumers record of debt payment and fulfilling financial obligations
rational choice
decison made based on maxium benefit and value
*federal trade commission *food and drug administration
2 examples of consumer organization:
*health care *social security *government
3 economic issues that affect our lives:
debt
money owed by an individual, company or government
department of state
one of the first three departments of the early american government was the ____________
thomas jefferson
one of the leading oppenets to alexander hamiltons request for a national bank was ________ .
a wave of overspeculation in the western frontier territories
one of the major causes of the economic down turn of 1819 was _______ .