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22 Cards in this Set

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Barter

The direct exchange of one set of goods or services for another

Budget Deficit

A situation where the government spends more than it takes

70/20/10

70% living expenses , 20% savings, 10% for paying debt

Census

An official count of of the population

Comparative Advantage

Ability to produce a product most efficiently given all the other things that could be produced

Consumer Price Index

A price index determined by measuring the price of a standard set of goods.

Corporation

A legal entity owned by individual stockholders

Contraction

A period of economic decline

Cyclical Unemployment

Unemployment that rises during economic deconturns and falls when the economy improves

Depression

Recession that is long and severe

Dow Jones Index

Index that shows how certain stocks have traded

Decrability

When goods last a long

Entitlements

Social welfare programs for those who meet certain requirements

Embargoes

Stoppage of trade

Expansion

A period of economic growth as measured by a rise in real GDP

Exports

Good sent to another country for sale

Federal Reserve Bank

Nation's central banking system

FDIC

Govt. agency that insures deposits

FICA

Taxes that Fu d Social Security and Medicare

IMF

Organization formed to stabilize international exchange rates and help development

Import

Good that us brought in from another country from sale

Interest

The price paid for borrowed money