Chapter 3: History of Economics Flashcards
1
Q
1600s
A
barter/trade
2
Q
1700s
A
agricultural
3
Q
1800s
A
industrial
4
Q
1900s
A
information (computers)
5
Q
2000s
A
(portable) technology
6
Q
GDP (Gross Domestic Product)
A
total value of goods and services produced in a country in a given year
7
Q
GDP is the economic indicator of….
A
health
8
Q
Inflation
A
general increase in the price of goods and services (ppl have less $ to buy what they need bc prices go up faster than salaries)
9
Q
National Debt
A
the TOTAL amount of $ a gov owes
10
Q
Unemployment Rate
A
of ppl who are able and willing to work but cannot find work during a given period
11
Q
Budget Surplus
A
when the gov spends less than it collects in taxes
12
Q
Budget Defecit
A
occurs when the gov spends more than it collects in taxes
