Abeka Economics Chapter 3

supply – Amount of goods businesses are willing to make and sell
Employment Rate – # employed/# of labor force
Discount rate – Interest rate that federal reserve charges banks
Entrepreneurship – Is the development of a business from the ground up
Market economy – Economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets
Want – a way of expressing a need
Economic Profit – Total revenue minus total cost, including both explicit and implicit costs

If the Federal Reserve targets the current iff , where iff < id, and there is an unexpected increase in the demand for reserves then to defend its target the Federal Reserve can[/panel-header] [panel-content][/panel-content] [panel-footer] [button style="btn-default btn-sm" icon="fa fa-search-plus" align="left" type="button" title="Show Answer"][button style="btn-default btn-sm" icon="fa fa-search-minus" alieft" type="button" title="Hide Answer"] [/panel-footer] [/panel][panel style="panel-primary"] [panel-header]Factors of Production – Resources that are used to make all goods and services[/panel-header] [panel-content][/panel-content] [panel-footer] [button style="btn-default btn-sm" icon="fa fa-search-plus" align="left" type="button" title="Show Answer"][button style="btn-default btn-sm" icon="fa fa-search-minus" alieft" type="button" title="Hide Answer"] [/panel-footer] [/panel][panel style="panel-primary"] [panel-header]New York Stock Exchange – (def.) NYSE. The country's largest and most powerful exchange, only for the largest and best-known companies.[/panel-header] [panel-content][/panel-content] [panel-footer] [button style="btn-default btn-sm" icon="fa fa-search-plus" align="left" type="button" title="Show Answer"][button style="btn-default btn-sm" icon="fa fa-search-minus" alieft" type="button" title="Hide Answer"] [/panel-footer] [/panel][panel style="panel-primary"] [panel-header]During the Hundred Days: a. Roosevelt developed a clear idea of how to solve the nation's economic problems b. Roosevelt awaited his inauguration and prepared a strategy c. Congress delayed action on Roosevelt's legislation d. Congress passed many bills to help relieve the Great Depression – d. Congress passed many major bills to help relieve the Great Depression[/panel-header] [panel-content][/panel-content] [panel-footer] [button style="btn-default btn-sm" icon="fa fa-search-plus" align="left" type="button" title="Show Answer"][button style="btn-default btn-sm" icon="fa fa-search-minus" alieft" type="button" title="Hide Answer"] [/panel-footer] [/panel][panel style="panel-primary"] [panel-header]quota – Import barriers that set limits on the quantity or value of imports that may be imported into a country.[/panel-header] [panel-content][/panel-content] [panel-footer] [button style="btn-default btn-sm" icon="fa fa-search-plus" align="left" type="button" title="Show Answer"][button style="btn-default btn-sm" icon="fa fa-search-minus" alieft" type="button" title="Hide Answer"] [/panel-footer] [/panel][panel style="panel-primary"] [panel-header]US Economic Goals – Freedom, Efficiency, Equity, Security, Stability and Growth[/panel-header] [panel-content][/panel-content] [panel-footer] [button style="btn-default btn-sm" icon="fa fa-search-plus" align="left" type="button" title="Show Answer"][button style="btn-default btn-sm" icon="fa fa-search-minus" alieft" type="button" title="Hide Answer"] [/panel-footer] [/panel][panel style="panel-primary"] [panel-header]Why is free trade good? – Can make money by selling in a different place[/panel-header] [panel-content][/panel-content] [panel-footer] [button style="btn-default btn-sm" icon="fa fa-search-plus" align="left" type="button" title="Show Answer"][button style="btn-default btn-sm" icon="fa fa-search-minus" alieft" type="button" title="Hide Answer"] [/panel-footer] [/panel][panel style="panel-primary"] [panel-header]If the Federаl Reserve tаrgets the current iff , where iff < id, аnd there is an unexpected increase in the demand fоr reserves then tо defend its target the Federal Reserve can[/panel-header] [panel-content][/panel-content] [panel-footer] [button style="btn-default btn-sm" icon="fa fa-search-plus" align="left" type="button" title="Show Answer"][button style="btn-default btn-sm" icon="fa fa-search-minus" alieft" type="button" title="Hide Answer"] [/panel-footer] [/panel][panel style="panel-primary"] [panel-header]Define economic growth. – Increase in real output of an economy over time.[/panel-header] [panel-content][/panel-content] [panel-footer] [button style="btn-default btn-sm" icon="fa fa-search-plus" align="left" type="button" title="Show Answer"][button style="btn-default btn-sm" icon="fa fa-search-minus" alieft" type="button" title="Hide Answer"] [/panel-footer] [/panel]

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