Economics DJKU1

inflation

A loss of value of money that causes a rise in prices is ______.

trough

A period when a country's economy (GDP) is at its lowest output is a _______________.

Mixed Economic System

A system in which economic decisions are made by individuals, businesses, and government first created in the United Kingdom.

lowest

A trough is the __________________ on the business cycle chart.

six months

A country's economy and GDP must be in decline for this long in order for its economic condition to be considered a recession.

Consumer responsibility

knowing as much as you can before buying

Debt

money owed by an individual, company, or government

Interest

the charge a lender places on borrowed money

Barter system

trading one item to receive another item based on a "double coincidence of wants"

opportunity cost

whatever must be given up or missed out on to obtain some item

Adam smith

wrote Wealth of Nations on the advantages of a market economy (capitalism)

Command economy

All economic decisions are made by the government with little or no input by the people.

expansion

An economy going from the trough to the peak is said to be in a state of ___.

Marx and Engels

Believed that capitalism was wrong and wrote the Communist Manifesto

greenback dollars

During the 1873 depression, the people in debt were in favor of the reissue of ___.

three months

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

business cycle

Fluctuations between economic contractions and expansions are known as the ______________.

the business cycle

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

recession

Following a peak a slowdown in the economy characterized by rising unemployment, a lack of consumption and investment, and banks being slow to lend money is called ________.

Scarcity

problem that occurs due to limited resources and unlimited wants

R.H. Tawney

Labour Party leader _______________ pushed Great Britain toward a mixed economic system

housing prices

One major cause of the 2008 financial crisis was that banks made risky loans and inflated ___.

over speculation

One of the major causes of the economic downturn of 1819 was a wave of ______________________ in the Western frontier territories.

Department of State

One of the first three departments of the early American government was the ___.

negotiate treaties

The Articles of Confederation gave Congress the power to _________________________ with foreign countries.

Confederation

The Articles of ___________________ was the first constitution of the United States that gave more power to the states and left the federal government weak.

1857

The Crimean War and the subsequent agricultural surplus contributed to the recession of ____________

private

The National Bureau of Economic Research is an independent, _________ organization not found within the government that observes and tracks the actions of the business cycle.

Enlightenment

The ______ movement influenced the foundational ideas of the market economic system.

peak

The ________ is reached when a country's economy (GDP) is at its highest output; after that, the economy enters a recession.

educate

The biggest responsibility that consumers have is to ________ themselves on the products they are interested in, including their benefits and potential costs or problems.

Russia

The collapse of ___ greatly altered U.S. military spending.

baby boomers

The future of the U.S. Social Security system is in jeopardy because of a large number of aging ___ and a declining birth rate.

Market economy

The influence of the consumer to direct the economy, private ownership, a democratic government, and the pursuit of self-interest are characteristics of a __________________________

a trough

The lowest period for a country's GDP is called ___.

economic perspective

This scenario does NOT express a decision made with an _________ _________. "A young man makes an impulse buy and purchases two CDs he heard about from a friend."

Populist Party

U.S. political party formed in 1892 representing mainly farmers. It grew in popularity during the depression of 1893

constitutional authority

What was Thomas Jefferson's argument against the creation of a national bank? The government did not have the ____________________________________ to do so.

rational choice

When a consumer makes a __________________________he/she picks the item that represents the greatest value

private company

Where can you find the agency responsible for putting together business cycle information—in particular, when the cycle peaks and plummets? A_______________ not found within the government

Federal Trade Commission

Which government agency ensures that businesses operate legally so that the consumer will not be misled or harmed?

the Enlightenment

Which movement influenced the concepts of the market economic system?

healthcare

Which of the answers took up the largest percentage of U.S. spending in the 2016 budget?

owned

Which of these would add to the GNP of the United States? American ______________business in a foreign country

within

Which scenario would affect the GDP of the United States? A store ________ the United States.

American-based

Which scenario would affect the GNP of the United States? An____________investment firm in Australia

answerable

Why might the states be upset at the federal government paying off their debts? The states did not want to be ___________ to the federal government and therefore be put in a weaker position.

China

___ held a large portion of U.S. debt in 2010.

Expansion

_______ is a period when the economy and GDP begin to improve and grow. It is characterized by lower unemployment, an increase in consumption and investment, and banks willing to loan money.

GDP

_______ is the statistic that shows the total value of all goods produced within a country regardless of national affiliation.

GNP

___________ is the total value of all goods produced by a particular country regardless of what country the business is from.

wealth

a command economic system does not encourage the pursuit of _______________

Credit

consumer's record of debt payment and fulfillment of financial obligations

Rational choice

decision made based on maximum benefit and value

Traditional Economy

A __________________________ is still used in the Amazon Rainforest, rural Africa, and other more primitive places.

Bank

In 1837, President Andrew Jackson caused a depression for Martin Van Buren during his fight with the ______of the United States.

Bank of the United States

In 1837, President Andrew Jackson contributed to a depression that followed after Martin Van Buren took office because of his fight to close the ___.

healthcare spending

In 2010, ___ was increased greatly.

farming

In a traditional economic system, which occupation would one most likely see?

three

In the area of economics, the government divides its earning marks into quarters, or every ___ months.