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Unit 2: Economics
| Question | Answer |
|---|---|
| Physical items such as food, clothing, cars and homes. | goods |
| activities people do for others for a fee; examples include medical treatment, education, equip | services |
| one who buys or uses goods or services | consumer |
| the person or business that uses resources to make goods or provide services | producer |
| a gift from nature, part of the natural environment; includes the air, the soil, water, and minerals | natural resources |
| the people who produce goods and provide services. Also known as a "labor force." | human resources |
| the money and property (factories, tools bridges, machines, and so on)that are used to produce goods and services. | capital resources |
| the concept that there are not enough resources (natural, human, and capital) available to satisfy all needs and wants; as a result choices must be made. (Example: The tickets to the show are sold out) | scarcity |
| the value of the second choice in a decision-making situation (Example: If you decide to pay your rent instead of going to the beach, relaxing at the beach is the....) | opportunity cost |
| the quantity of a good or service offered for sale | supply |
| the quantity of a good or service consumers are willing and able to buy. | demand |
| the amount left after costs are subtracted from the selling price. | profit |
| An economy in which customs, habits and beliefs determine how the four basic economic questions are answered. A person's occupation is likely to be the same as their parents. | traditional economy |
| An economy that is controlled by the government, which determines the answers to the four basic economic questions. | command economy |
| An economy in which individuals decide what they will produce, how much they will produce, to whom they will sell it, and how much they will charge consumers for it. Most producers will make these decisions based on their own self-interest. | market economy (Also called: "capitalism" or "free market") |
| Trading goods and services without money. | barter |
| An economic policy under which a government strictly controlled its resources and its markets in order to acquire wealth; colonies provided the raw materials needed for manufacturing and ready markets for the mother country's products | mercantilism |
| inorganic substances that were formed by Earth's geological processes; include oil, natural gas, salt, sulfur, and lignite. | mineral resources |
| refers to natural resources not replaced by nature once they are extracted from the environment | nonrenewable |
| refers to biological resources that replenish themselves over time | renewable |
| an organization of workers formed to improve wages, benefits, and working conditions for workers | labor union |
| goods and services provided in a market economy (Walmart... Terminex...) | private goods and services |
| goods and services provided by the government (school(yay!)... police...) | public goods and services |
| refers to an economic system where producers and consumers rely on each other and on other economies to succeed. | interdependent |
| a tax on imports designed to keep out foreign competition. | tariff |
| Economic information used to measure the economy; includes gross domestic product, consumer price index, inflation rate, and unemployment rate. | economic indicators |
| an economic indicator; a monthly price survey for a list of goods and services | consumer price index |
| an economic indicator reflecting a steady increase in the consumer price index | inflation |
| an economic indicator; the percentage of people who are out of work and looking for jobs. | unemployment rate |
| Which economic indicators are used to calculate inflation? | consumer price index and producer price index |
| An economic indicator reflecting a steady increase in the consumer price index. | inflation |
| What is deficit spending? | When the government is spending more money than it is taking in. |
| Give examples of service industries. | tourism (travel agencies, tour guides...), hotels, waiters, housekeeping, etc... |
| List examples of "needs." | food, clothing, shelter, water, etc... |
| The choice of one product or service over the other. (or one option over another.) | trade-off |
| A large company with many owners. You can buy "shares" of these companies. | corporation |
| The nation's central bank. It manages the nation's money supply and loans money to private and state banks. | The Federal Reserve |
| What is an individual proprietorship? | a business owned by one person |
| What is a partnership? | a business owned by two or more people |
| The amount of goods and services a person can produce in any given time. | productivity |
| A new way of doing something that can lead to increased productivity | innovation |
| when an individual, business or country focuses on producing only one item or one part of an item. | specialization |
| The flow of goods and services. Ex: A business owner spends money to make a product, sells it, pays employees and costs, buys more resources to make more product and it starts again. | cycle of goods and services. |
| Describe the Law of Supply | as the price of a good rises, the quantity will rise. If you can sell a product for a lot of money, a lot of people will want to sell it. (And vice versa) |
| Describe the Law of Demand | When the price of a good or service rises, the amount the consumers willing to purchase it goes down. (and vice versa) |
| What are regulatory commissions? | federal agencies that oversee private businesses and make sure their actions don't hurt the economy |
| What is deficit spending? | Spending more money than you have coming in. |
| What is a surplus? | If you are earning more than you are spending. |
| Describe progressive taxes. | taxes based on income. The more money an individual earns, the greater the percentage he or she pays in income tax. |
| the money collected by the federal government to pay retired or disabled workers. | social security tax |
| a tax on the total value of the money or property involved in an inheritance. | estate tax |
| What are protective tariffs? | a tax on imports designed to increase the sale of american made goods by making imported goods more expensive for consumers. |
| What is an embargo? | the act of cutting off all trade with another country. |
| What is the Gross Domestic Product? (GDP) | the total value of all final goods and services produced in a country in one year. It is the total of consumer, producer, and government spending plus the exports-imports. This economic indicator is used to judge the strength of the economy. |
| What is a "trend." | the general tendency or direction. Ex: if the unemployment rate increases by 1% every year... the trend is that unemployment is increasing. |
| What is globalization? | the increasing interdependence of the world's economies. |
| When one nation's economy relies on another nation's economy in order to keep operating, it is called... | interdependence |
| What is an export? | an item shipped from the country where it was produced to a foreign country. |
| What is an import? | a product brought into a country from a foreign nation. |
| What is industrialization? | the use of machines to manufacture goods. |
| What is urbanization? | the process of the formation and growth of cities. |
| What is an economic depression? | an economic condition characterized by high unemployment, low production and investment. |
| Cause: stock market crash of 1929 Effect: ? | the Great Depression |
| Which US president is credited with bringing the US out of the Great Depression and for leading us through WWII? | Franklin D. Roosevelt |
| What was "the New Deal?" | a plan that helped bring the United States out of the Great Depression. It involved using government resources to create many jobs. |
| What federal agency was created to ensure banks would be less likely to fail in the future? (It insures people's bank deposits up to $100,00.) | FDIC (Federal Deposit Insurance Corporation) |
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