Nsl Study Guide

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1.______________ is the basic economic problem facing all societies. It is the idea that we have unlimited wants and limited resources. 2.The Federal Reserve is in charge of _____________ policy. They adjust the money supply by adjusting __________________. 3.The United States is a ______________ economic system. In this type of economy, the individuals and government make economic decisions. 4._____________ and _____________ are in charge of making fiscal policy. They use the two tools of _______________ and _________________. 5.The _______________________ is the value of the next best alternative. 6.The total dollar value of all the goods and services produced in a given year by a country is the ____________________________. 7.Inflation is measured using the _______________________________. 8.In a ________________economic system the government makes all of the decisions and controls many of the businesses. 9.In a____________________ economic system individuals and businesses make decisions. Businesses keep the profits that they make in this type of economic system. 10.The ___________________ shows periods of economic growth and decline. 11.The _______________ for a product decreases as the price of the product increases. It is how much people want of a good or service at a certain price or time. 12.The __________________ of a product increases as the price of the product increases. It is the amount of a good or service that sellers are willing to sell at possible prices. Word Bank

MixedMonetaryTaxingScarcityConsumer Price Index (CPI)
Business CycleMarketGross Domestic Product (GDP)Command Demand Opportunity CostPresidentSpendingCongressInterest RatesSupply Matching: Federal Regulatory Agencies
Regulatory AgencyLetterDescription
Federal Trade Commission (FTC)1.A. This agency regulates the safety of food, drugs, and cosmetics. Food and Drug Administration (FDA)2.B. enforces environmental standards for air, water, and toxic waste. Federal Communications Commission (FCC)3.C. regulates product warranties, unfair methods of competition and advertising fraud. Environmental Protection Agency (EPA)4.D. regulates air traffic, piloting standards, and air commerce. Federal Aviation Administration (FAA)5.E. regulates the media industry. Unit 6: Foreign Policy

1.______________________ is a nation’s formal plan for dealing with other countries. 2.The Secretary of Defense is in charge of the Military, which protects ________________________. 3.The __________________________is in charge of _________________ which are talks and negotiations between countries. 4.________________ is a total ban on imports or exports. They are generally used to punish countries or to protest another country’s policies. 5._________________________ is a based on industrial production and generally free/mixed economies. Majority of the people live in or are tied to towns and cities. There are few farming /agricultural occupations. 6._________________ place partial bans on imports or exports from another country. They are used to punish or protest the policies of another country. 7.__________________________are the poor, often indebted countries that are trying to industrialize. The majority of the population works in agriculture/farming. Some have free markets and others are command economies. 8.A tax on imports that raise their price and give domestic producers a competitive advantage because imports will cost more is called a ____________________. 9._____________________¬¬¬¬¬___ is assistance such as food, water, or medicine that is given to less developed nations and nations that are victims of war and natural disaster. 10.________________________________ assist mainly developing nations to develop social, political, and economic structures in the nation, promote national security, provide foreign aid, and respond to disasters. 11.Building up a country, such as with schools, hospitals, and roads is...
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