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Fiat money
money deemed by the government to be legal tender
International trade
the exchange of goods and services among nations
Budget deficit
when the government spends more money than it gets in revenue
Deflation
a situation in which prices are declining
Inflation
a general and progressive increase in prices
Budget surplus
when government gets more revenue than it spends
Regulator
a government role that plays to protect investors, workers, and consumers in the environment
Patent
the exclusive right granted to an inventor to prevent anyone else from using the invention for a period of time
Copyright
an exclusive right granted to an author
Intellectual Property
a person’s original idea or invention
Trademark
legal rights given to a company to protect the company’s name and reputation
Indicators
statistical economic values that help measure variables in the economy
Gross domestic product GDP
the value of all final goods and services produced in a country in a given period of time
Consumer price index CPI
measures the cost of a basket of goods and services for an urban family
Recession
an economic downturn that lasts for 6 months
Trough
a low point in a business cycle
Absolute advantage
the ability of a country to produce more of a product than another country can
Comparative advantage
the ability of a country to produce a product at a lower opportunity cost than another country
Balance of trade
the difference between the values of a country’s imports and exports in a specific period of time
Money supply
the total amount of money in circulation in the country
Federal reserve system FRS
regulates the US banking system and guides monetary policy
Embargo
used to restrict imports and exports when there is a health issue
Quota
a restriction on the quantity or value of imported goods
Tariff
increases the price of imported products which helps domestic companies compete
Protectionism
the practice of using barriers to free trade
Interdependent
they need each other to create the goods and services produced in a nation
Specialization
when tasks are divided among different workers to help increase productivity
What are the 3 functions of money?
medium or exchange, unit of value, and store of value
medium of exchange
when you purchase the things you want, you use money as a medium of exchange
unit of value
helps you compare prices on the goods and services you want to buy
store of value
you can accumulate and save money without losing value
Securities and Exchange Commission(SEC) regulates?
the sale of stocks and bonds
Occupational Safety and Health Administration(OSHA) does?
issues guidelines for worker safety
Equal Employment Opportunity Commission(EEOC) regulates?
hiring, firing, and promotions based on ability and not age or gender
Food and Drug Administration(FDA) regulates?
the safety and labeling of food, drugs, and cosmetics
Consumer Product Safety Commission regulates?
products other than food, drugs, and cosmetics and can recall unsafe products
Federal Trade Commission(FTC) protects?
consumers by enforcing laws that regulate competition, consumer protection, and the economy
Environment Protection Agency(EPA) protects?
the health of people in the u.s. and environment
FICA stands for??
Federal Insurance Contribution Act
What are the 3 goals of an economy?
economic growth, stable prices, and full employment
What are the 3 economic indicators?
gross domestic product, consumer price index, and unemployment rate
what is the order of the business cycle?
expansion, recession, trough, and recovery
What countries are included in NAFTA?
Canada and Mexico
