Term
| Why does paper currency have value? |
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Definition
| It can be used to purchase goods and services |
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Definition
| a free market (capitalistic) philosopher |
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Definition
| When government expenditures exceed government revenues |
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Definition
| a loan made to the government |
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Term
| 3 Principles of capitalism |
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Definition
contracts are important
limited government
capital coming from the people |
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Term
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Definition
| a treaty to eliminate all trade barriers between Canada, Mexico, and the US |
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Term
| 3 different economic systems |
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Definition
Communism
Socialism
capitalism |
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Term
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Definition
| all economic decisions are made by the government |
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Term
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Definition
| the desire to make money; drives the American economic system |
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Term
| Largest source of revenue for the Federal government |
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Definition
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Definition
| money that unemployed people can collect from the government |
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Term
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Definition
an economic system in which some key industries are controlled by the government and financed by high taxes |
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Term
According to Adam Smith, fair prices are determined by: |
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Definition
The coming together of supply and demand |
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Term
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Definition
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Term
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Definition
When the government attempts to regulate the economy using taxes and government spending for social welfare programs |
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Term
Which president followed the economic policies of John Maynard Hayes? |
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Definition
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Term
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Definition
US economy goes through periods of expansion and contraction |
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Term
List the main indicators of the economy |
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Definition
Gross Domestic Product Housing starts
Standard and Poor's Index Market Basket Index |
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Term
What factors prove that money has a price? |
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Definition
People pay to borrow it people are paid to save it banks make a profit |
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Term
| Indicators of a Recession |
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Definition
increased unemployment decline in production
decline in spending
decline in consumer demand |
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Term
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Definition
Federal agency that oversees Wall Street and the Stock Market |
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Term
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Definition
Employees in brokerage houses who specialize in buying and selling stock for customers |
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Term
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Definition
The average of 30 large corporations that represents a cross section of all large corporations |
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Definition
the agency that is responsible for counterfeiting |
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Definition
| limited resources; unlimited wants |
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Term
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Definition
an economy that is unhealthy and sluggish |
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Term
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Definition
An economy that is healthy and moving forward |
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Term
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Definition
A continued rise in prices for goods and services |
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Term
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Definition
Payment made for the use of loaned money |
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Term
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Definition
When there is more money being spent than revenue received |
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Term
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Definition
We have a large budget deficit |
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Definition
a person who develops their own business |
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Term
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Definition
Not based on the gold standard |
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Term
Why have many American firms/factories moved their operations overseas? |
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Definition
To take advantage of lower foreign labor costs |
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Term
Who has the fastest growing economy in East Asia? |
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Definition
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Term
| Who controls the amount of money in circulation? |
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Definition
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