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Terms in this set (80)
Which of these statements is NOT true?
In inflation, the dollar gets stronger.
Inflation is when prices in a national economy increase, or the purchasing power of the dollar weakens on a continual basis.
Descendants of the expelled Russian Mennonite farmers have continued to grow enormous crops of red _____ in the United States.
Lazer Supermarket increases prices on an item from 75 cents to $1.50 ... and nobody cares. They buy it anyway. This is an example of inflation.
Which of these are "service" jobs?
The higher the demand, the a price people are willing to pay for the item.
A labor force is all people in your nation who are working or are seeking work.
A disadvantage for oneself; a benefit or gain is called a boon.
In making your country's economy grow, first look at your natural resources.
Mark the statements that are TRUE.
Your nation's money is considered capital.
Your nation's labor force includes people who want to work but do not have a job at the moment.
It would not make much sense to force an unskilled laborer to work in a surgical position.
The second part of creating your nation's economy is that you must build capital.
Mark the statement(s) that are NOT TRUE about capital.
Capital is your neighboring country's money.
Inflation is when an economic condition in which the supply is increasing faster than the supply of goods and services.
Inflation hurts the debtor, but helps the creditor.
Labor demands a higher wage to compensate for inflation, which leads to higher prices, then even higher wages. This is called a wage-price spiral
Inflation results in a in the general price level.
Inflation leads to uncertainty and confusion about prices. It interferes with planning for the future.
_____ learned the process of vulcanizing rubber, which gave it great strength and durability.
The fourth point of building an economy is to see what communications are available.
Check the boxes of the three types of economic systems.
The capitalistic system is also called a free enterprise system.
The government has more control over such industries as railroad and mining in a economy.
Communism gives more individual economic freedom than capitalism.
A farmer's market is an example of capitalism at work.
Some things to consider in making an economy grow are the labor force and the technology available.
Economics can be best defined as being the science of producing, distributing, and consuming goods or products.
Laws which regulate or curtail business monopolies or dominant financial organizations are called anti-trust laws.
John Wilkinson invented the sewing machine.
States began to pass laws, called right-to- laws, banning the union shop.
designed the first all-iron bridge constructed in England and his factory cast the iron for it.
Many of the early unions were capitalistic in their philosophy.
Unions have been getting significantly stronger in the past decades.
Two of the largest CIO unions are the:
United Automobile, Aerospace and Agricultural Implement Workers of America ®
United Steelworkers of America
New sources of gold were discovered in Africa and in the Hemisphere.
A is a good that all people would accept as a means of payment.
medium of exchange
Mark the statements that are true.
The religious Reformation helped the increase of trade.
Trade was a reason for the Age of Exploration.
In the 9th and 10th centuries, Europe was a mass of small duchies and provinces.
The Crusades had whetted the appetite for goods.
In medieval times, gold was accepted as the universal exchange.
fencing in property in order to raise sheep for their wool to meet an increasing demand for the product
wrote the Wealth of Nations
time period at the end of the Middle Ages which was brought about in the quest for new trade routes
Age Of Exploration
an office developed by kings in order to weaken nobility; answerable only to the king
During the 1400s and 1500s, wealth was defined by the amount of one's country had.
Who was the "father of economics"?
The helped set the stage for the development of the free market economy in Western Europe and in America.
Age of Exploration
The Western Hemisphere created for Europe a source of , gold and silver, and colonial markets.
The surviving crew members of Magellan's expedition circumnavigated the globe in 1522.
A bank note reporter was a:
Saudi Arabia enjoys wealth from its vast oil fields. This country is still enjoying great
Mark the statement that is NOT true.
It is safe to say that the American dollar is worth exactly the same as the British pound.
Diaz rounded the Cape of Good Hope in 1501.
Affluence or superabundance is known as recession.
Mark the following statements that are TRUE.
A counterfeit is an imitation of the genuine money, created with the intent to defraud.
A tariff is like an added-on tax.
In 1945, $10,000 bills were discontinued for public use by the Board of Governors of the Federal Reserve System.
The is the unit of currency in Japan.
Greenbacks is the slang term for Spanish bills, because of the green ink used to print the money.
the moving of money throughout the country, from business to business and person to person
unit of currency in Canada
agency of the United States Government which oversees the maintenance of the currency of the nation
1800s era publications which were printed and passed out to help people identify counterfeits
bank note reporters
Any bank in the U.S.could have their own paper money during the Free Banking Era.
The Federal Central System is the central banking system of the United States.
The Free Banking Era was in the
Postal currency first used actual sticky postage stamps, later replaced by a glueless stamp.
The unity of the U.S. currency was lost with the Civil War.
A U.S. "war-time" currency was once printed that was good only in Japan.
The International Monetary Fund, or IMF, assists nations in their international financial business.
currency of the European Monetary Union
sort of a "United Nations of Financial Diplomacy"
"back up" system for countries
determine the exchange rates
foreign exchange markets
British unit of money
things that are grown, mined, or manufactured
exchange for goods without the use of money
started in 1791
First Bank of The United States
Israeli unit of money
a system that reacts to the demand for the currency of a country
flexible exchange rate
Countries have their own currency while their stays locked in vaults to assure the strength of their monetary system.
The Swiss unit of money is called a franc.
Some of the Federal Reserve System's duties include the regulation of local banks, issuing of , and regulating monetary policy.
An exchange rate is the price of one country's trading status as compared to another country's currency.
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