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American Cultures I > Economics Test #1 > Flashcards

Economics Test #1 Flashcards

1
Q

What is GDP?

A

gross domestic product

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2
Q

What is GNP?

A

gross national product

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3
Q

What’s the difference between GDP and GNP?

A

GDP total monetary value of all finished goods and services produced within a country’s borders. GNP is total monetary value of all finished goods and services produced by a country

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4
Q

What are natural resources?

A

Raw materials used to produce goods

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5
Q

What natural resources did the US have when they were discovering new west?

A

Wood, coal, iron, copper, oil

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6
Q

Why did we need human resources?

A

Increased population following the Civil war provided a large workforce. Also, larger population also created a greater demand for products.

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7
Q

refrigeration

A

allowed food to be kept fresh and transported farther

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8
Q

automatic loom

A

allowed for more cloth to be produced faster.

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9
Q

Standardized sizes

A

allowed for the clothing and shoe industry to grow-more availability and cheaper

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10
Q

Transatlantic cable

A

communicate via telegraph with Europe

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11
Q

Laissez-faire

A

idea that the government should take a hands off approach regarding the economy

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12
Q

Why do we have free enterprise?

A

Economic growth at a rapid rate was possible because of little to no Government Interference

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13
Q

What was the hope for free enterprise?

A

the government was there for protection of property and to maintain peace and limited taxes and that the people control the economic growth of the country through individual decisions

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14
Q

Entrepreneur

A

Someone who organizes, manages, and assumes the risk of a business

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15
Q

Tariffs

A

A tax on imported goods.

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16
Q

High Tariffs

A

make foreign goods more expensive, used to slow trade

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17
Q

Low Tariffs

A

Used to encourage trade

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18
Q

Morrill Tariff

A

Increased tariffs on imported goods

Appealed to industrialists

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19
Q

What is a corporation?

A

a company with a group of owners. These people are called share holders

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20
Q

Privately held-shares

A

held (owned) by a small group who probably know each other

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21
Q

Publicly held-shares

A

held (owned) by thousands of people who trade on a stock exchange

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22
Q

What are Advantages/Disadvantages of buying into a public company?

A

Advantage-because you can buy small shares for less money and you aren’t personally responsible for any issues with the company, such as a lawsuit.
Disadvantage-You can be liable if you are a major percentage owner of the company

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23
Q

Investing in a corporation

A

When someone buys a share of a company they become an owner.

Ownership is determined by the percent of shares a person owns.

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24
Q

What happens when you share/invest in a company?

A

you share in both the profit and loss

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25
Q

Supply

A

the willingness and ability of a producer to produce and sell a product

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26
Q

Demand

A

the desire to have some good or service and the ability to pay for it.

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27
Q

Equilibrium point

A

the point at which product demanded equals product produced

28
Q

Stock inflation

A

when many people want to buy stock in a certain company, they are willing to pay more for it

29
Q

Stock deflation

A

when many people want to sell sell stock in a certain company, the abundance of stocks for sale causes the price to decrease

30
Q

Stock quotation

A

the purchasing price of stock at a particular time

31
Q

Too much stuff + Not enough money

A

Deflation

32
Q

Not enough stuff + Too much money

A

Inflation

33
Q

New York Stock Exchange

A

One of the largest securities market in the world

34
Q

NASDAQ

A

Technology market

35
Q

Bull market

A

Market going up

36
Q

Bear market

A

Market going down

37
Q

current trading price of one unit of a particular security

A

last

38
Q

the difference between yesterday’s price and the most recent price

A

change

39
Q

the percent change in the stock versus the price at closing time yesterday.

A

percent change

40
Q

total number of shares that have been traded on the most recent trading day

A

volume

41
Q

the highest stock price of the current day

A

day’s high

42
Q

the lowest stock price of the current day

A

day’s low

43
Q

the price paid in the stock’s first transaction in the current trading day

A

open

44
Q

The stock price at the end of yesterday’s trading session

A

previous close

45
Q

the price at which someone is willing to buy a stock, this is what you get when you sell the stock

A

bid

46
Q

the price at which a holder of a stock is willing to sell

A

ask

47
Q

the highest price of an individual stock during the past year

A

52-week high

48
Q

the lowest price of an individual stock during the past year

A

52-week low

49
Q

the latest closing price divided by the latest 12 months’ earning per share

A

P/E

50
Q

Total earnings divided by the number of stocks issued

A

earnings/share

51
Q

the cash payment made per share by the company to its shareholders

A

dividend/share

52
Q

the yield on a given investment based on its current price. You can calculate this by dividing the dividend paid for the year into the current price

A

Current div. yield

53
Q

the value of a company’s outstanding shares. This is determined by multiplying the number of shared issued by the current price per share

A

market cap

54
Q

number of shares that have been issued and are in the hands of the public

A

Number share outstanding

55
Q

an organization that provides a marketplace for the trading of a listed stock. The New York Stock Exchange and Nasdaq are the biggest in the United States

A

exchange

56
Q

The way a nation’s economics is organized based on who makes economic decisions

A

economic systems

57
Q

Based on tradition, Economic decisions are based on those made in the past, Maintaining traditional roles is necessary for the stability of the economy
Bartering or trading is an essential piece of this type of economy

A

Traditional economy

58
Q

Economic Decisions are made by individuals as workers, business owners and savers.
This is the economy in the United States

A

Market economy

59
Q

Economic decisions are made by an individual or group based on what the believe is best for the nation. Usually a government body makes these decisions. USSR and Rural Communist China are examples.

A

Command economy

60
Q

Who is the head of the Federal reserve

A

Janet Yellen

61
Q

How does money go from households to businesses?

A

labor/payments

62
Q

How does money go from households to government?

A

taxes/labor

63
Q

How does money go from government to households?

A

services/income

64
Q

How does money go from government to businesses?

A

services/payments

65
Q

How does money go from businesses to households?

A

income/goods and services

66
Q

How does money go from businesses to government?

A

taxes/goods and services

American Cultures I (9 decks)

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