Consumer Ed - Economy Review - Chapters 5 & 6

Credits needed to accumulate in order to receive your FULL social security benefits...

During an economic expansion, employment decreases.

The quantity of goods that consumers are willing and able to buy at a given price.

The US economy is...

An increase in the price of consumer goods from one year to the next is known as...

How does inflation affect consumers?

Social science that examines how societies use their resources to satisfy wants/needs.

Deficit spending tends to occur during an economic expansion.

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

The Consumer Price Index (CPI) measures the increase/decrease in...

Employers pay the majority of our individual social security tax.

In a market economy, decisions about what/how much is produced are made by:

Economy in which decisions are made by the central government.

Irma wiped out 70% of Florida's oranges. If demand is the same, what will happen to prices

A monopoly gives a company no control over prices.

Machines and technology used in production of goods.

Gross Domestic Product is total $ value of goods/services produced around the world in 1 year.

The law of supply says that producers will supply more of a product at a lower price.

Examines economic decisions made by GOVERNMENTS instead of individuals.

One purpose of taxation is to redistribute income (our taxes).