Chapter 16-17 Economics Basics

In many cases consumer demand leads to new & improved products. 

Economic factors that affect the price, demand, & availability of a good or service. 

An organized refusal to buy particular goods or services.

The study of businesses in small parts is called...

The U.S. tax system does not generate enough revenues to cover the spending policymakers have enacted. 

There are ___________ Federal Reserve System Banks in the United States. 

Earnings after all costs of production have been paid.

A measure of the value of all goods & services produced by a nation during a specified period of time, usually one year. 

The price at which the demand for a product will equal a supply is called the __________ price.

Fundamentals of the American economic system include all of the following EXCEPT:

A situation in which a single company controls the supply of goods & services for which there is no substitute.

An executive department of the U.S. federal government that administers federal housing & urban development. 

When the federal government spends more that it takes in its called.......

The Federal Reserve achieves monetary goals by doing which of the following?

Prosperity is a time period of slow or no economic growth. 

Raising or lowering taxes & spending or cutting governmental programs is the practice of what economic policy?

Recession is a time period of growth & financial well-being. 

Which of these is NOT a monetary policy tool? 

Profit motive is any money that is earned. 

Today, most of the world’s economies are..

Rivalry between one or more businesses that offer similar goods or services.

The largest percentage of federal government revenue comes from…

The quantity of a particular good or service that consumers are willing and able to buy at a given price.

Economic systems develop in response to the problem of....

The percentage of the labor force that is out of work & seeking employment. 

The quantity of a particular product that producers are willing to make available for sale at a given time.

"Per capita" means....

A ________________ economic system is based on subsistence, customs, & tribal beliefs.

The resources of a society are limited, and people’s wants are limited.

From 1994-2024 the largest decline in U.S. labor force is aged 55+

The method by which a society uses it’s resources to satisfy its people’s needs & wants is an: economic system.

One reason a business or company may fail is....

Macroeconomics approaches the study of economics  the viewpoints of....

_________________ looks at how societies use resources to produce & distribute goods & services.

Which of the following is true during a period of tight monetary policy? 

Another term for a free market economy is a(n) __________________ system.

Which of the following situations might the government consider intervening in the economy?

National Defense is the largest mandatory spending category for the U.S. government. 

This government program's function is to assign identifying numbers, run retirement & disability insurance programs. 

Low inflation, full employment & steady growth in the GDP is a sign of a healthy economy.