Term
| 4 Parts to Business Cycle |
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Definition
| Expansion, Peak, Contraction, Trough |
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Term
| Economists study 3 indicators to |
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Definition
| Predict economic trends, solutions to economic problems |
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Term
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Definition
| Total # of goods & services produced in the country. GDP/Population |
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Term
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Definition
| Goods & Services customers buy in a month |
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Term
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Definition
| Amount our government owes. Affects how much we spend on products. |
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Term
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Definition
| Helps with competition, keeps prices down |
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Term
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Definition
| Government used to regulate Airline Industry. Deregulated to keep prices down. |
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Term
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Definition
| Rust belt to Frost & Sun Belt (warmer climate, AC) |
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Term
| What industry affected immediately by 9/11? |
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Definition
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Term
| Act that gave government ability to track & investigate terrorists? |
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Definition
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Term
| Why did flying cost more after 9/11? |
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Definition
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Term
| Why did everyone hate Microsoft? |
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Definition
| They thought Bill Gates was forming Monopoly |
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Term
| Why were states still mad at Microsoft after court? |
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Definition
| Prevented Free Market Competition |
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Term
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Definition
| Business runs more efficiently |
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Term
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Definition
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Term
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Definition
| Sending jobs elsewhere to save money |
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Term
| Why is U.S. concerned about other countries' economy? |
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Definition
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Term
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Definition
| Trading goods with foreign countries |
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Term
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Definition
| Export more than you import |
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Term
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Definition
| Import more than you export |
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Term
| Whats the point of comparative advantage trading? |
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Definition
| We allow a less productive country to trade with us because they work cheaper |
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Term
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Definition
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Term
| What's a monetary policy? |
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Definition
| Amount of money government releases into society |
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Term
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Definition
| How the government spends their money |
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Term
| 3 variables that affect our economy? |
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Definition
| Profit, environment, unusual economic circumstances |
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Term
| Example of product scarcity? |
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Definition
| Flood hits. Fish die. Price of that fish rises. |
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Term
| How does recession affect economy? |
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Definition
| Less people are working & making money. Which means less products. |
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Term
| What do companies HAVE to care about? |
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Definition
| Environment & their employees |
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Term
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Definition
| People who oppose businesses being built near their home |
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Term
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Definition
| Some property values would drop |
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Term
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Definition
| Businesses have to spend more to build elsewhere |
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