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Personal Finances/Economics > Unit 3 Study Guide > Flashcards

Unit 3 Study Guide Flashcards

1
Q

What are the 3 Economic Indicators?

A

GDP, Inflation Rate, Unemployment Rate.

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2
Q

GDP

A

Gross Domestic Product - Market value of all final goods and services produced within a country during a given period of time.

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3
Q

Inflation Rate

A

Percentage increase in the average level of goods and services from month to month/year to year.

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4
Q

Unemployment Rate

A

Percentage of the labor force that is seeking work.

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5
Q

Calculating GDP

A

C : Household consumption + I : Business Investment + NX : Net Exports = GDP

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6
Q

What are the 4 factors of production?

A

Land, Labour, Capital Entreprenuership.

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7
Q

Land

A

Any natural resource.

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8
Q

Labour

A

Workers or employees.

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9
Q

Capital

A

Physical Capital - Man made tools, machines, buildings…used to create other goods/services

Human Capital - Skills and Knowledge of workers.

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10
Q

Entrepreneurship

A

Individuals who start new businesses, introduce new products, and improve a process.

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11
Q

Market Economy

A

Decisons made by individuals, people have freedoms, Free Market.

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12
Q

Command Economy

A

Decisons made by central government, leaders control all resources.

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13
Q

Mixed Economy

A

Combination of Command and Market economies.

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14
Q

Fiscal Policy

A

Action by Congress to stabalize the economy.

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15
Q

Contractionary Fiscal Policy

A

Decrease government spending, Increase taxes.

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16
Q

Expansionary Fiscal Policy

A

Increase government spending, decrease taxes.

17
Q

Monetary Policy

A

Actions by the Federal Reserve Bank to stabalize the economy.

18
Q

Contractionary Monetary Policy

A

Banks lone out less money, encourage people to save

19
Q

Exspansionary Monetary Policy

A

Banks loan out more moeny, encourage people to spend.

20
Q

Free Trade

A

Nothing stops or gets in the way of 2 countries trading with each other.

Personal Finances/Economics (4 decks)

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