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Question 1

Value of all goods and services produced in the USA in one year. Value of everything we make in one year

Answer 1

GDP - Gross Domestic Product

Question 2

Corrects the distortion of price increase

Answer 2

Real GDP

Question 3

Nations GDP divided by country’s population. A measure of a countries economic output that accounts for its number of people.

Answer 3

Per Capita GDP

Question 4

Occurs in any one year when the revenue (money) of a country exceeds the expenditures.

Answer 4

Federal Surplus

Question 5

Occurs when a country spends more than it brings in.

Answer 5

Federal Deficit

Question 6

The national debt level of the United States is a measurement of how much the federal government owes its creditors.

Answer 6

National Debt

Question 7

A certificate of ownership in a corporation/partial ownership.

Answer 7

Stock

Question 8

(loan) a formal contract to repay borrowed money with interest at a fixed interval.

Answer 8

Bond

Question 9

Diversity of stocks or bonds in a portfolio. (Number #1 way Americans invest in economy)

Answer 9

Mutual Fund

Question 10

Are traded here, oldest stock trading place in America, called “big board”

Answer 10

NYSE - New York Stock Exchange

Question 11

Usually are newer companies, technological goods. Ex. Apple, Microsoft, and Google.

Answer 11

NASDAQ - (National Association of Securities Dealers Automated Quotations)

Question 12

An index that informs people of how the market is doing based on the profits or losses of 30 industrial big companies.

Answer 12

DOW Jones DJIS

Dow Jones Industrial Average

Question 13

Index of the 500 largest, not richest companies in America.

Answer 13

S&P 500 (Dow Jones Industrial Average)

Question 14

A price index to determine by measuring the price of a standard group of goods meant to represent a typical “market basket”. A Measurement of inflation

Answer 14

CPI (Consumer Price Index)

Question 15

A general increase in the prices of goods.

Answer 15

Inflation

Question 16

A general decrease in price level

Answer 16

Deflation

Question 17

The % of the nation’s labor force that is unemployed. (5.4)

Answer 17

Unemployment Rate

Question 18

Two quarters of economic decline or GDP decline. So six months of a decline in GDP

Answer 18

Recession

Question 19

When depression is especially long or severe. Past 18 months and severe with high unemployment and low production

Answer 19

Depression

Question 20

Government spend money to help the economy out of a recession

Answer 20

Deficit Spending/Stimulus package

Question 21

The cost of borrowing money

Answer 21

Interest Rates

Question 22

The lowest interest rate banks give to their best customers. (lowest risk)

Answer 22

Prime Rate

Question 23

National bank of the US that establishes interest rates and manages monetary policies. Fed Chair is Jerome Powell.

Answer 23

Federal Reserve Bank (“The FED”)

Question 24

Goods we sell to another country

Answer 24

Export

Question 25

Import goods a country brings in from a foreign country

Answer 25

Import

Question 26

Import more than we export. Sell less than bring in

Answer 26

Trade Deficit

Question 27

Export more than we import. Sell more than bring in

Answer 27

Trade Surplus

Question 28

A tax charged on goods coming into or out of a country

Answer 28

Tariff

Question 29

The value of money in relation to other countries. A strong dollar buys more foreign currency. Weak Dollar buys less foreign currency

Answer 29

Exchange Rate

Question 30

The North American Free Trade Agreement was an agreement signed by Canada, Mexico, and the United States that created a trilateral trade bloc in North America.

Answer 30

NAFTA (North American Free Trade Agreement)

Question 31

European Union - Free Trade Zone

Answer 31

Eu

Question 32

World Trade Organization, an organization that oversees international trade regulations.

Answer 32

WTO (World Trade Organization)

Question 33

The idea that the world is a market place

Answer 33

Globalization (Globalism)