Unit 4 Quiz

Money that has intrinsic value based upon the material it is made from.

Paper money that is backed by something tangible.

Money that has value because a government declares it to be so and the citizens accept that it has worth.

Money that has intrinsic value based upon the material it is made from.

Paper money that is backed by something tangible.

Money that has value because a government declares it to be so and the citizens accept that it has worth.

Money that has intrinsic value based upon the material it is made from.

Currency that is backed by something tangible.

Money that has value because a government declares it to be so and the citizens accept that it has worth.

Medium of exchange

Store of value

Standard of value

Medium of exchange

Store of value

Standard of value

Medium of exchange

Store of value

Standard of value

durable good

nondurable good

way to get stoked

real good

Measurement of GDP with inflation included in the amount

Measurement of GDP controlled for inflation

Exports minus Imports

Always lower than real GDP

Value of all goods and services produced within a nation in a given time period (typically a year)

C+I+G+NX

A measure of a country's total output

Low unemployment,

Inflationary,

GDP increasing

Demand and GDP no longer decreasing,

Employment and production stabilize

Demand and GDP slows

Demand and GDP decreasing,

unemployment increases,

may be deflation