7th grade civics module 6 Flashcards
(43 cards)
What is currency?
Currency is paper or coin money used to buy things.
What is money supply?
Money supply is the total amount of money in a country.
What is debt?
Debt is the amount of money or property owed to someone.
What are bonds?
A loan to a company were the company must pay it back with interest in a certain amount of time.
What is the federal reserve?
The head bank, the federal reserve controls the economy by raising and decreasing interest rates, they also give banks money so they can do stuff.
What is a credit union?
A credit union is a financial business owned by its members that provides banking services.
What happens when the federal reserve increases money supply too much?
Prices may rise causing inflation.
What happens if the federal reserve were to increase interest rates?
The money supply will decrease, meaning that banks will give fewer loans and prices for goods and services will fall..
In the 1980s an alternative music form began developing in Washington State. This music, called grunge, combined elements of punk and heavy metal. Like most new bands, grunge bands started playing to small crowds and slowly became popular. Which of the following correctly explains how grunge most likely spread across the country to be nationally successful by the early 1990s?
First people in neighboring cities and states started listening to grunge, and then the music spread east across the country.
If the government wanted to help stimulate a slow economy, which option would create a good direct result?
Making sure banks can continue lending money.
What are incentives?
Something that inspires someone to make a choice or action.
What did Ben and Cohen do?
Ben and Cohen made an ice cream shop.
What did debbie rose fields do?
Debbie Fields Rose was a “ball girl” at a professional baseball game, collecting balls that strayed foul. A young teen, she used her small earnings to buy cookie ingredients. That first five dollars grew to millions as “Mrs. Field’s® cookies” grew to national fame. Ms. Rose has authored several cookbooks as well.
What did daymond john do?
Daymond John was a boy in New York City when he saw a hat on TV that he wanted. He sewed his own version of the hat and sold them on the street, making 800 dollars in one day! He went on to start the FUBU® clothing company and today helps other entrepreneurs turn their ideas into reality.
What did Blake Mycoskie do?
A trip to Argentina motivated Blake Mycoskie, where he saw poor children and families living in unhealthy conditions. He fashioned an American version of the “alpargata,” a traditional shoe in Argentina. For each pair of shoes sold, his company, TOMS®, gives a pair to a child who needs them. In five years, the company expanded to more than 20 countries.
What did Joseph Unahue do?
He expanded GOYA foods.
What did Vera Wang do?
Vera Wang was a figure skater in her youth and loved fashion. She worked for a fashion magazine for many years before opening her own design studio. She has designed costumes for figure skaters, but her greatest fame is in her wedding gowns. Many celebrity brides have worn one of Ms. Wang’s designs. Vera Wang has expanded her design talents beyond clothing, including jewelry and housewares.
What did Oprah Winfrey do?
Oprah Winfrey had a difficult childhood but loved talking and performing. Her media presence began as a teenager when she worked at a radio station. Moving to television and starting her own talk show turned Ms. Winfrey into a millionaire by age 32. Her success inspired her to give back to others in need. She is famous as much today for her philanthropy and advocacy as she is for the talk show she produced.
What are the three basic economic questions that help determine the type of economy a country has and the role of competition?
What will be produced?
How will it be produced?
For whom will it be produced?
What type of economy did Adam Smith invent?
Adam Smith believed in a market economy, where government would have little to do with answering the three basic questions.
What did Karl Marx believe in?
Karl Marx believed in a command economy, where government would make economic decisions. He thought it was most fair and would prevent the problems of having so few wealthy people and so many poor people. The U.S. government does have some control over the economy, though. Isn’t that right, John Maynard Keynes?
What did John Maynard Keynes believe in?
John Maynard Keynes supported a mixed economy, where individuals, businesses, and government all have a role in answering the three basic questions. This is the economy of the United States today. Americans can choose what type of work or business to do and will make those choices based on supply and demand. Government puts in place certain rules to protect the people and support common goods and services.
What is a traditional economy?
A traditional economy is an economy based on culture and tradition to control the market.
What is a market economy?
A market economy is an economy that relies on supply and demand to distribute products and determine prices.
