Chapter 29: Comparative Economic SystemsWhat is an Economic System? The organization and methods used to determine what goods and services are produced, how they are produced, and for whom they are produced What are the basic types of Economic Systems? Traditional Command Market
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Chapter 28: International Trade and FinanceWhy do countries trade? International trade allows a country to consume a combination of goods and services that exceeds its production possibilities curve Why should countries Specialize and Trade? Total world output increases, and therefore, the potential for greater total world consumption also increases
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Chapter 27: The Phillips Curve and Expectations TheoryWhat is the Phillips Curve? A curve showing an inverse relationship between the inflation rate and the unemployment rate What is the Conclusion of the Phillips Curve? The opportunity cost of more employment is more inflation and vice versa
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Chapter 26: Monetary PolicyWhat are the Three Schools of Economic Thought? Classical Keynesian Monetarist What is the Keynesian View of Money? People who hold cash or checking account balances incur an opportunity cost in foregone interest or profits
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Chapter 25: Money CreationIn the Middle Ages, what was used for Money? Gold was the money of choice in most European nations Who were the Founders of our Modern-day Banking? Goldsmiths, people who would keep other people’s gold safe for a service charge
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Chapter 24: Money and the Federal Reserve SystemWhat is Barter? The direct exchange of one good for another good, rather than for money What is the problem with Barter? It requires a coincidence of wants
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Chapter 23: Federal Deficits and the National DebtWhat is the purpose of this chapter? To take a closer look at the actual budgetary process that creates and finances our national debt What are the four stages of the Budget Process? Agency budget proposals Presidential budget submission First budget resolution Second budget resolution
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Chapter 22: The Public SectorWhat is the purpose of this chapter? To examine public-sector decisions of politicians, government bureaucrats, voters, and special interest groups What has happened to the size of Government? Since the 1950’s, government expenditures have grown from about one-quarter to over one third of GDP
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Chapter 21: Fiscal PolicyWhat is a Discretionary Fiscal Policy? The deliberate use of changes in government spending or taxes to alter aggregate demand and stabilize the economy What are examples of Expansionary Fiscal Policy? Increase government spending Decrease taxes increase government spending and taxes equally
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Chapter 20: Aggregate Demand and SupplyWhat is the Aggregate Demand Curve? The curve shows the level of real GDP purchased by households, businesses, government, and foreigners at different price levels during a time period, ceteris paribus What does the Horizontal Axis measure? The value of final goods and services included in real GDP measured in base year dollars
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