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Civics: Unit 10, Macroeconomics
Terms in this set (26)
the ability of an individual, a firm, or a country to produce more of a good or service than competitors, using the same amount of resources
the ability to produce a good at a lower opportunity cost than another producer
belief in the benefits of profitable trading; commercialism.
Scottish economist who wrote the Wealth of Nations a precursor to modern Capitalism.
Father of Communism
balance of trade
the difference between a country's total exports and total imports
dependent on one another
A tax on imported goods
Restrictions made by one country about the amounts and types of goods it will allow into the country from other countries
limitations on the amount of specific products that may be imported from certain countries during a given time period
an official ban on trade or other commercial activity with a particular country.
the business of organizing travel for pleasure.
Gross Domestic Product (GDP)
A measurement of the total goods and services produced within a country.
Consumer Price Index (CPI)
a measure of the overall cost of the goods and services bought by a typical consumer
Government policy that attempts to manage the economy by controlling taxing and spending.
the setting of the money supply by policymakers in the Federal Reserve bank
Having a job or career and responsibilities that go with it
Percentage of amount borrowed to be added to the amount loaned and paid back
a measure of the average prices of goods and services in the economy
Economic Growth Rate
the annual percentage change of real GDP
A slowdown in a nation's economy
A period of low economic activity and rising unemployment
Financial institutions that accept deposits and make loans
An organization of workers that tries to improve working conditions, wages, and benefits for its members
Federal Reserve System
the central bank of the United States
A street in New York City famous for being the location of the New York stock exchange
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