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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