Create an account
situation that exists when a country can produce a good better than its tradtional trading partners can
economic patterns in which a free-market goes through periods of prosperity and depression
certificate of deposit
investments in which an amount of money invested for a specific period of time earns a guaranteed amount of interest
checks and balances
a system in which the powers of government are balanced among different branches so that each branch can limit the power of the other branches
circular flow model
an economic model that displays how households, businesses and the government interact in the U.S. economy
customary law that develops from judges' decisions and is followed in situations not covered by statuatory law
Article I Section 8 Clause 18 of the government also known as the necessary and proper clause
a system of government in which the powers of government are divided between the national government, which governs the whole country and the state governments which government the people of the state
federal reserve system
the U.S. banking system that handles the banking needs of the federal government and regulates the money supply
a home of people who are unrelated to a child but who agree to act as the child's caregivers
principle that business owners in a free market are allowed to run their business in they see fit without any or little interference from the government.
an economic system in which the buyers and sellers are free to exchange goods and services as they choose
organizations, institutions, and individuals that exercise political authority on behalf of a grouple of people
economic signs that help economists deterine how long the current economic situation will continue
law of demand
an economic rule that states that buyers will demand more products when they can buy them at lower prices and fewer products when they must buy them at higher prices
law of supply
an economic rule that states that businesses will provide more products when they can sell them at higher prices and less goods when they must sell them at lower prices
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