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Final Review

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Title: Final Review


1
Final Review
  • This presentation will probably involve audience
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    points entered.
  • Mr. Hess
  • Economics

2
Inflation
  • A steady rise in prices throughout the economy
  • The entire economy
  • All products!

3
Imports
  • Goods that are brought from another country into
    ours

4
Labor Specialization
  • The process by which people choose to concentrate
    on one job of greater skill by pursuing
    additional education and training
  • More specific the job the higher the pay!

5
Aggregate Demand
  • The demand for everything in our entire economy

6
Public Good
  • A service or product provided by the government.
    Everyone benefits from it no matter whether they
    pay taxes or not.

7
Resource Price
  • The price of a good that is needed to make
    another good.
  • EG oil is necessary to make gas
  • Price of oil goes up, so will gasolines

8
Scarcity
  • Everything in the world is in short supply
  • It is the fundamental problem of economics

9
Credit
  • Your ability to borrow other peoples money
  • If its bad, you get no loans!

10
AFL-CIO
  • The biggest labor organization in the USA today

11
Great Depression
  • Period of seriously inhibited productivity growth
    that existed during the decade of the 1930s

12
Deficit
  • A budget situation in which revenue does not
    cover expenses, money must be borrowed to pay
    bills
  • EG The US governments current budget

13
Dividends
  • The share of profits bestowed to stockholders

14
Say
  • Supply creates its own demand

15
John L. Lewis
  • Founder of the CIO in 1935
  • The George Washington of the American labor
    movement

16
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17
Thomas Jefferson
  • Third President of the US who believed in
    conservative principles of small central
    government
  • Opposed starting a national bank

18
Contraction
  • A period of economic activity whereas the rate of
    GDP decreases from year to year

19
Sole Proprietorship
  • A business formation in which all liability is
    assumed by the owner(s)
  • Most common business formation in the US today

20
Fair Labor Standards Act
  • 1938 act of congress that established a minimum
    wage, 48-hour work week, and overtime pay

21
Gross Domestic Product
  • The dollar value of all final goods and services
    produced in a nations economy in one year
  • Final goods only
  • 10 Trillion this year
  • C I G (i-e)

22
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23
Depreciation
  • The yearly decline of value experienced by
    businesses in some capital resources
  • EG a car loses 20 of value each year

24
Regulation
  • A rule or restriction placed upon a business in
    how it produces a product or provides a service
  • EG EPA rules that prohibit dumping of wastes in
    schoolyards

25
Liquidate
  • The selling of capital assets and to turn them
    into cash

26
Unemployment Rate
  • The percentage of the American workforce that is
    either working or looking for work

27
Exports
  • Products and services made by Americans then sent
    to other countries

28
M2
  • The category of money supply that includes
    currency, checking and savings accounts
  • The most common monetary figure referenced by
    economists

29
monopoly
  • A market situation in which one company dominates
    production of a good or service

30
Flat Tax
  • A tax that charges each person the same
    percentage of income

31
Collective Bargaining
  • The process by which a union negotiates with
    employers for new contracts

32
Corporation
  • A business formation that has registered papers
    with its state of origin
  • Has limited liability
  • Never expires
  • Seen as an individual by the law

33
Mortgage
  • A loan with which one buys land or a house

34
Socialism
  • Economic system in which the factors of
    production are owned by the state

35
Non-Profits
  • Business formations/corporations whose primary
    purpose is not to make money.
  • Surplus revenue used to grow the business
  • EG Heart Association, Saint Ignatius.

36
Debt
  • The amount of money our government has borrowed
    from banks and bondholders due to its continued
    deficits
  • Currently 6.3 Trillion

37
Trough
  • The bottom most point of a business cycle
  • Also called a recession

38
Profit
  • Gross revenue costs ?

39
Laffer
  • Economist who theorized that fiscal policy
    concentrating on businesses and business owners
    can most effectively revive an economy
  • EG Reaganomics, supply-sided theory

40
Public Corporation
  • A corporation that has issued stock to the public
    through an IPO
  • gone public

41
National Labor Relations Act
  • 1935 Act of congress that gave unions the right
    to collectively bargain of behalf of their
    membersip

42
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43
Producer Price Index
  • Economic indicator that tracks the prices of
    products used primarily by manufacturers

44
Liability
  • Legal and financial responsibility for the
    actions of an individual or a business

45
Principal
  • The amount of money you borrow in a loan

46
Real Income
  • Your income over time compared to the rate of
    inflation
  • IE A 5 raise is really only 3 if inflation
    rates are 2

47
Trade Deficit
  • A situation that exists when a nation imports
    more goods and services than it exports

48
Fiscal Policy
  • The act of a government in which it taxes
    citizens in order to provide goods and services

49
Discount Rate
  • The lowest rate set by the Federal Reserve
  • Money lent to banks in trouble

50
Oligopoly
  • A market situation in which the production of a
    good or a service is dominated by only a few
    companies

51
Progressive Tax
  • A system of taxation in which a government takes
    a higher percentage of income from those citizens
    that make more money

52
Medium of Exchange, store of value, measure of
value
  • What are the functions of money?

53
Entrepreneur
  • A person who takes the initial risk of time and
    capital to start a business

54
Diversification
  • The dispersal of surplus money into a wide
    variety of investments

55
Communism
  • A socialist regime that is headed by a
    dictatorship

56
Perfect Competition
  • A market situation in which there are many
    producers, many consumers, and no government
    intervention

57
capital, natural resources, labor,
entrepreneurs, technology
  • What are the factors of production?

58
Asset
  • Something that you own that is worth some sort of
    money

59
Ralph Nader
  • The father of American consumer activism

60
Alexander Hamilton
  • The father of American liberal thought who
    proposed a strong federal government and a
    national bank

61
Union
  • Labor organization that collectively bargains on
    behalf of its membership

62
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63
Peak
  • The top level of production in a business cycle

64
Partnership
  • A business formation in which two or more
    individuals share responsibility and liability

65
The Business Cycle
Expansion
Peak
contraction
Trough
66
Social Security
  • FICA tax program that provides transfer payments

67
SEC
  • Government regulatory agency responsible for the
    stability of stock and bond markets
  • Investigate insider trading and corporate fraud

68
Economy
  • A system of consuming and producing

69
Futures
  • An investment in which you buy a contract to take
    delivery of a commodity at a pre determined date

70
Money Income
  • Your take home pay from year to year without
    inflation figured in

71
Opportunity Cost
  • The dollar value of the economic decisions you
    did NOT make
  • IE if you build a school right now, you cant
    go and build a new community pool

72
Wage
  • Hourly pay

73
Interest
  • Percentage of money you pay to use someone elses
    capital
  • Usually calculated on a yearly basis with monthly
    installments,

74
Capital
  • Factor of production that includes money and
    anything you buy with money

75
Foreclosure
  • To default on a mortgage

76
Equity
  • The amount of something that you own
  • IE another name for a stock
  • -- what portion of your house you own

77
401K
  • Most popular retirement program in the US today
  • Pretax, tax-exempt investments

78
IPO
  • Companies go public in a process called an ____
    _____ _____.

79
Some Foreign Moneys
  • English
  • Russian
  • French
  • Chinese
  • Mexican
  • Japanese
  • German
  • Pound
  • Ruble
  • Euro
  • Yuan
  • Peso
  • Yen
  • Euro

80
Adam Smith
  • Author of The Wealth of Nations
  • Father of modern capitalistic thought
  • invisible hand

81
Reaganomics
  • Conservative economic policy of the 1980s that
    promoted lower taxes and less government
    regulation

82
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83
Strike
  • Workers that refuse to work are on

84
Deductions
  • These are amounts of money that you can subtract
    from your gross income when you file your taxes
  • Children, charitable contributions, mortgage
    interest

85
Sherman Anti-Trust Act
  • 1890 Act of congress that forbade any contract,
    combination or conspiracy in the restraint of
    trade

86
FDIC
  • Government regulatory agency that oversees banks
    and insures your deposits up to 100,000

87
Microeconomics
  • Field of Economics that studies individuals,
    businesses and the choices that they make

88
Bond
  • An IOU issued by a government or a corporation
  • They pay you interest over time for the use of
    your capital

89
Options
  • A contract that you invest in that gives you the
    right to buy or sell a share of stock at a given
    price at some point in the future

90
Floating Exchange Rates
  • The American dollar fluctuates against foreign
    moneys due to a system of . . .

91
Comparative Advantage
  • Situation in which a country has the ability to
    produce a product more cheaply and efficiently
    than another country
  • IE The opportunity cost of Haiti producing cars
    is so expensive when compared to that of the USA

92
Prime Rate
  • The interest rate that banks loan money to their
    best customers

93
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94
Productivity
  • The efficiency with which people and countries
    provide and create goods and services

95
Saving less, and buying more
  • People react to higher lower rates in the economy
    by . . .

96
Bankruptcy
  • A legal declaration of your inability to pay debt

97
Collateral
  • Money or property put up as a good faith measure
    for the repayment of a loan

98
Poverty Rate
  • Percentage of American citizens who live in a
    household of 4 that makes less than 17,100

99
Going Public
  • Selling stock in your company to raise capital
    for expansion

100
Karl Marx
  • Author of the Communist Manifesto, Father of
    Socialism

101
Alan Greenspan
  • Led the Federal Reserve through the boom of the
    1990s
  • Current chair

102
Political Action Committee (PAC)
  • Organization that raises for a specific cause in
    order to lobby congress

103
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104
Consumer Price Index (CPI)
  • Economic indicator based upon the prices of
    80,000 products
  • Our most reliable indicator of inflation

105
FOMC
  • The decision making body of the Federal Reserve
  • Meets every 6 weeks on a Tuesday

106
Open Market Operations
  • The Fed controls our money supply through the
    bond market
  • The Federal Reserve loosens the money supply by
    buying bonds

107
Stock
  • A certificate of ownership in a public corporation

108
JM Keynes
  • 1930s economist that advocated the use of
    government taxes and programs to control an
    economy
  • Demand-sided ideas

109
They must decide what gets produced and
consumed, and thus, what gets produced and
consumed
  • What role do individuals play in an economy?

110
They assume risk, create new businesses, and thus
bring about economic growth
  • What do entrepreneurs do?

111
Less of something else is produced
  • If a factory or country is FULLY productive, more
    of one product can only be produced if . . .

112
More stuff in less time
  • When workers are more specialized and are better
    trained, their become able to produce . . .

113
Productive!
  • When a company buys new machinery and equipment,
    we should expect that the workers will get more .
    . .

114
Individual acting for themselves in competitive
markets!
  • Who does a better job of deciding what gets
    produced and consumed?

115
Both you and the store benefit.
  • When you get something on sale, who benefits from
    this?

116
medium of exchange
  • When you buy a sweatshirt, what role does money
    play?

117
competitive markets and free trade
  • What keeps businesses from gouging consumers with
    very high prices?

118
Higher
  • A decrease in the supply of sweatshirts will
    result in ____ prices.

119
Fewer, more expensive cars
  • What will a shortage of steel do to the market
    for cars?

120
Electrical engineers are more scarce and their
labor is more specialized
  • Electrical engineers make more money than bus
    drivers because . . .

121
Everyone benefits no matter what taxes they pay
  • Government provides something like national
    defense because . . .

122
Increase supply and decrease price
  • Breaking up a monopoly in the phone industry
    should do what to price and quantity of phone
    service?

123
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124
Go up
  • In a free market, when worker output increases,
    wages should

125
Controlling pollution is cheaper than its
negative impact
  • Why does the government make pollution illegal?

126
Good and free access to factors of production
  • What limits our GDP (productivity)?

127
People would consume less
  • How would declining incomes impact consuming?

128
Less spending
  • How do higher taxes impact consumers and
    businesses?

129
It should decrease!
  • What happens to unemployment when the economy
    grows at a higher rate?

130
it goes down, this is called a real income
  • What happens to standard of living when inflation
    goes up faster than income?

131
It increases the money supply
  • When the Fed lowers the reserve requirement,
    banks can lend out more money. What does that do
    to the money supply?

132
LESS
  • More trade, coupled with more job training and
    specialization will result in ____ worldwide
    unemployment

133
Deficit
  • If the government cannot pay its bills, it will
    borrow money. This is called a budget ______

134
Inhibits free trade
  • Tariffs, taxes on imports, tend to have what
    impact on free trade.

135
No. They tend to favor one industry over another
  • Can tariffs ever be fairly assessed on imports?

136
Trade Deficit Definitely a bad thing
  • The value of your countrys imports exceed the
    value of exports. Whats that called?

137
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138
Holy Hell Yes!
  • Do the values of our moneys around the world
    impact world trade?

139
Strengthened
  • If a dollar is worth more euros than it was worth
    yesterday, we can say that the dollar ______
    against the euro.

140
Makes them more affordable
  • What will a weaker dollar do to the value of
    American goods in France?

141
Real per capita income growth over time
  • What is the best measure of our standard of
    living?
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