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Economics
| Question | Answer |
|---|---|
| Economics | Study of why people buy, sell, spend or save |
| Goods | physical objects |
| Services | work or expertise |
| Producer | individuals that sell goods or services |
| Consumer | individuals that purchase goods or services |
| natural resources | resources from the earth |
| human resources | people needed in order to produce good or service |
| capital resource | tools and structures need to produce a good or service |
| scarcity | a limited quality of something…it gives anything value |
| opportunity cost | choices you choose whenever you make an economic decision |
| free market | Capitalism: consumers determines products and prices |
| command system | communism: government determines products and prices |
| mixed economy | socialism: consumers and governement determine prices and products |
| private property | owned by an individual or small group |
| Public property | owned by the community |
| competition | any one person that sells a good and service or product |
| GDP | total value of all goods and services produced and sold in the U.S. |
| Demand | amount of desire there is for product |
| law of demand | the higher the price, the lower the demand |
| supply | amount of goods and services available |
| law of supply | more money to be made producing good/services, the most it will be produced |
| Federal Reserve System | our nations central bank |
| Discount Rate | controls how much money it costs to borrow from the Fed and much bansk will load out |
| open market operations | fed can buy or sell government securities in order to help the economy get better |
| reserve rate | fed determines amount of deposits banks must keep 10% |
| monetary policy | influencing the amount of money in the economy |
| money supply | total amount of money in the economy |
| inflation | when all the prices go up, and when there is too much money in the economy |
| inflationary spiral | people have lots of money. they spend less, prices go down, companies hire and pay more |
| Deflation | when there is too little money in the economy |
| Deflationary Spiral | people don't have money. They spend less, prices go down, and companies hire and pay less |
| commercial banks | banks for large corporations |
| savings bank | banks for individuals and small business' |
| consumer price index | when the government "shops" for goods/services to measure if we are experiencing deflation or inflation. |
| Currency | bills and coins |
| Interest | fee for borrowing money |
Created by:
emmie.lewis
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