Economics Vocabulary

What are all of the resources necessary to create a good or service called?

What is federal debt?

• The total amount of money that a person has borrowed

• The total amount of money that a corporation has borrowed

• The total amount the government owes to purchasers of government securities.

• The total amount of money that a state has borrowed

Fiscal Policy refers to:

• Government use of spending and taxing to meet economic goals.

• Monetary policies to control the money supply

• Regulations to control inflation

• Strategies for international trade

What is a Free Market?

• A market without any government intervention.

• A market controlled entirely by the government.

• A market where prices are fixed by a central authority.

• A market that only exists in theory and not in practice.

Goods are:

• services provided by businesses

• tangible things that people make or grow

• actions performed for others

• intangible assets owned by companies

What is Gross Domestic Product (GDP)?

• A total value of all goods and services produced within a country's borders.

  
  

• A total value of all goods and services produced within a state's borders.

• A total value of all goods and services produced within a continent's borders.

• A total value of all goods and services produced within a town's borders.

What is Gross National Product (GNP)?

• A measure of the total value of goods and services consumed within a country.

• Total value of goods and services American companies produce.

  
  

• Total value of goods and services American companies trade.

• Total value of goods and services American companies barter.

What are human resources?

• Resources involving services.

• Resources involving people's abilities and skills.

• Resources involving technical abilities.

• Resources involving what people need to live.

Income is defined as:

• The money a person or entity receives in exchange for their labor or investment.

• the money a person or entity pays in exchange for other's labor or investment.

• The money a person spends.

• The amount of money a person invests to receive a tax break.

Karl Marx is known for what theory?

• "Economic Value Theory "

• "Economic Theory of Labor"

• "Value Theory of Labor"

• "Labor Theory of Value"