Economics Chapter 3 Review Coach Grimm

Factors of production – resources used to produce goods/services
nondurable goods – goods that last a short period of time, such as food, light bulbs, and sneakers
supply – the amount of a product or service that is available for consumers to buy
What is Fiscal Policy? – How the Government taxes and spends money
standard of living – how well people are living; the level of material comfort enjoyed by a society
producer – someone who creates or manufactures a good or service through physical or mental effort
Money that has no intrinsic value is known as:
Keynesian economics – states that aggregate demand needs to be stimulated by government action
Reserve Requirement – ________ is a regulation that sets the minimum fraction of customer deposits and notes that each commercial bank must hold in the form of cash stored physically in a bank vault (vault cash) or deposits made with a central bank.
service – something not physical that requires scarce resources and satisfies human wants
Complimentary Goods – (def.) goods that are used together with other goods.
GDP Equation – Consumption plus Investment plus Government Spending plus Net Exports
Mоney thаt hаs nо intrinsic vаlue is knоwn as:
Antitrust laws – Promotes competition prohibits creating monopoly

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