2.01 Circular Flow
4 main players in the economy
The government represents any lawmaking body
(local, state, or national) that collects taxes and
provides services to individuals and businesses.
Households include individuals like you and those
Every economy has three goals: price stability, low unemployment and economic growth
3.01 Classical Economics and Says Laws
views full employment as norm of capitalist economy. theory holds that the best way to achieve
price stability, fu
5.01 The Money Supply
Money must be portable and divisible, uniform and scarce, standard of value, store of value
Money supply is made up of fiat money (money has value b/c it is backed by the word of the fed. Gvt.
and not by gold or other valuable resour
1.02 Economic Basics
Different types of governments answer economic questions in different ways. A market
economy, like the United States, lets the forces of supply and demand determine how these
questions will be answered. Individuals own the factors of
4.01 Comparative Advantage and International Trade
results of no imports: inconvenient, standard of living decrease, prices for domestic goods
increase, scarcity less on market
results of no exports: people would lose money, go out of business
To join an after school club/sport or not?
Distraction from schoolwork.
I will be expected to attend every meeting/practice
along with show discipline inside and outside of
Less time for myself and family.