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15 Cards in this Set
- Front
- Back
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Three types of Money
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1. Money as a medium od exchange
2. Money as a unit of account 3. MOney as a store of value |
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Currency
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Money can lose or grow in value over time depending on economic coditions
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Six Characteristics Of Money
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1.Durability
2.Portability 3. Divisibility 4. Uniformity 5. limited supply 6.Acceptability |
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Banking Today: Functions of financial Institutes
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Money is protected in fireproof vaults and is insured against robbery up to $250,00.00
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Saving and Investing: Saving Accounts
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-Allows you to save youe money in a safe secure place
-pays very little intrest -easy access |
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Checking Accounts
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-Allowa you very access to your money
-Pays very little intrest if any -Some banks can change you to have one -Comparing checking accounts (ex. Location,overdradt,direct deposit,fees,stop payment,free cchecking) |
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CHAPTER 17
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Why we Trade the Global Economy?
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Resource Distrubition
-The resources used to make goods and services are called.. |
Factors of Production:Land,Labor,Capital
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There is an unequal distribution of resources that prevents countries from producing everything.
What is Human Capital? |
This is one of the most important factors of production.
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How do you measure the amount of human capitals a country has?
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Literacy Rate
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What is a Absolute Advantage?
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producing more of a given product with using a given amount of resources
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What a country should produce is based on the cocept of opporunity cost-
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that is what you give up in order to produce a certain product
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The nation that has the lowest opporunity cost in producing a certain good has?
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a Comparative Advantage in producing that good.
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What is a Comparative Advantage?
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can produce a product more eddiency given all the products it could choose to produce.
The nation wityh comparative advantage should speacialize in the good. |
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What is the Law of Comparative Advantage?
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a nation is bette3r off when it produce s goods and services for wahich it has a comparative advantage.
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