economics unit 1

Hamilton's economic plan

- passage of a tariff - passage of a tax on alcohol (whiskey) -creation of a national bank - paying off all debt plus interest

causes of the great depression\

- the overuse of credit - a surplus of agricultural goods leading to farmers losing their farms - high tariffs passed by the U.S. congress

- right to choose - right to safety - right to be informed - right to be heard when a problem arises

JFK's rights that a consumer has when purchasing something

scarcity

a problem created by unlimited wants and limited resources

Depression

a recession that is very long and severe

inflation

a rise in prices due to the loss of value of money

traditional economic system

a system under which people within a community perform the same economic functions as their forefathers and ancestors

market economy

an economic system under which the market determines the major questions of economic production and development (also known as capitalism)

expansion

an economy going from the through to the peak is said to be in a state of _____

Better Business Bureau

an organization that works to protect consumers

Das Kapital

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

rational choice

behavior that is dependent upon associated benefits and costs and a decision made based of maximum benefit

Enlightenment

concepts of the market economic system stem from which movement?

credit

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

marketplace

consumers and sellers create a ________ where goods and services are exchanged

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

credit refers to_______

three moths

economically, the government divides its earning marks into quarters, or every____

the business cycle

fluctuations through a series of economic expansions and contractions is part of ____

taking advantage of the young republic

foreign countries convinced the united states to form a stronger federal government by___

totalitarian government

holds near complete control over the lives of its citizens

the bank of the united states

in 1837, president Andrew Jackson caused a depression for Martin Van Buren during his fight with______

six months

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

$14 trillion

the U.S. government debt in 2015 was about_____

the barter trade system

the concept of a double coincidence of wants is the instrumental part of _______

commerce

the conducting of business is called ___

opportunity cost

the cost associated with giving up something in order to get something else

Populist Party

the depression of 1893 was directly responsible for the growing popularity of the _____

collect taxes and regulate interstate commerce

the federal government was weakened under the articles of confederation, so the congress did not have the power to _______

mixed economic system

the government controls some but not all industries in a _____

United Kingdom

the inventors of the mixed economic system, chief among whom was R.H. Tawney, came from___

a trough

the lowest period of a country's GDP is called_______

peak

the point at which a country's GDP and economy reach top efficiency and are immediately followed by a recession

profit

the primary motivating factor in a market economic system.

Overspeculation

the term used for the overvaluing of property or land

command

there is little chance to gain wealth or succeed ina _____ economic system

the reissue of greenback dollars from the civil war

those suffering from the 1873 depression pushed for_____

barter and trade

transactions in a traditional economy are typically done with ____

tariff

A tax on goods imported from another country.

proletariat

a French word for a member of the working class

a recession

a country's economic peak is followed by____

economic perspective

a method of making economic decisions by first weighing the benefits and costs associated with each measure

Communist Manifesto

a pamphlet of communist economic thought

depositor

a person who places money in a bank

debt

money owed by an individual, company or government

unsecured debt

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

secured debt

money owed that is guaranteed by the thing it is used to purchase

banks made risky loans and inflated housing prices

one major cause of the 2008 financial crisis was that ___

department of state

one of the first three departments of the early american government

a wave of overspeculation in the western frontier territories

one of the major causes of the economic downturn of 1819 was_____

choosing between spending money on a new suit of a vacation is an example of ______

opportunity cost

Communisim

originated in the ideas of Marx and Engels that taught that all citizens should have the same wealth and social standing

to educate themselves on the products they are interested in, including its benefits and potential costs or problems

what is the biggest responsibility that consumers have?

they preached the idea that capitalism is inherently flawed and that society will only improve when the workers take control of the economy

what is the importance of Karl Marx and Friedrich Engels

it allows the lender to make money in exchange for giving money to those who need it

what is the purpose of interest

the government did not have the constitutional authority to do so

what was Thomas Jefferson's argument against the creation of a national bank?

healthcare spending

which aspect of government spending was greatly increased in the spring of 2010?

amazon rainforest of south america

which country or region best exemplifies a traditional economy?

China

which 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?

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?

house

which purchase requires good credit?

baby boomer generation

which segment of U.S. society represents a challenge to the social security system ?

the crimean war

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

Adam Smith

wrote the wealth of nations