JH SS UIL Flashcards Pt 7

Front

Supply and Demand

Back

Supply is how much of something is available; demand is how much people want it.

Front

Scarcity

Back

Not enough of everything for everyone, leading to choices like spending money on food or games.

Front

GDP (Gross Domestic Product)

Back

Measures a country's total production value; a large GDP indicates a strong economy.

Front

Types of Economies

Back

The U.S. is mostly a market economy with some government rules for fairness.

Front

The U.S. has four main regions: Northeast, Midwest, South, and West.

Back

Each region has unique resources, history, and industries, leading to different economies.

Front

Northeast strengths

Back

Finance (Wall Street), education (universities), manufacturing, high-tech, and services.

Front

Northeast challenges

Back

High costs, aging factories, GDP growth slower than South/West.

Front

Example of a global money hub in the Northeast

Back

New York City

Front

South challenges

Back

Hurricanes, income inequality.

Front

West challenges

Back

High living costs, wildfires, water shortages.