| A | B |
|---|
| interest | the profit investors earn from banks for depositing money |
| goods | material things produced and consumed in an economy |
| corporation | a business chartered byh the government to sell stock, has limited liability |
| recession | a period of time with little business activity |
| business cycle | the up and down pattern of change in the economy |
| consumer | the one who buys or rents goods and services |
| economy | a country's basic way of trading and producing goods |
| capitalist economy | the type of economy in America; free enterprise, Market |
| need | something essential to life |
| GNP | the total value of all goods and services produced in an economy in one year (GDP) |
| demand | the ability and willingness of people to buy something |
| service | what workersw such as teachers, doctors, and waiters produce |
| market price | the price at which supply equals demand and there is neither scarcity nor surplus |
| laissez faire economics | belief that government should not interfere in the economy |
| Karl Marx | this person promoted Communism |
| mercantilism | policy designed to increase a nation's wealth by having colonies; colonies supply raw materials and buy back finished product from mother country |
| Adam Smith | Author of Wealth of Nations, where the idea of free enterprise was set up (laissez faire) |
| command economy | economic decisions made by the centralized authority(government) - controlled economy |
| garden state parkway | serves as a major thoroughfare to the Jersey Shore |
| New Amsterdam (NYC) | the Dutch claimed and renamed a large part of New Jersey and New York |
| West Jersey and East Jersey | the first 40 years, the British colony of New Jersey was divided |
| Paterson | industrial citgy founded by Alexander Hamilton |
| Grover Cleveland | President born in New Jersey |
| Molly Pitcher | was the heroine of Battle of Monmouth in the Revolutionary War |
| Woodrow Wilson | 1910 NJ governor- His reforms brought national attention. He was also President of Princeton University. Became US president |
| High Point | highest point in New Jersey ( northwest of state) |
| Kittatinny mountains | mountain range in the northwest section of NJ (Appalachian Mts) |
| 3 factors of production | capital resources, human resources, natural resources |
| mixed economy | US economic system; Capitalism + Government regulations |
| depression | long severe period of decline in economic activity |
| FDIC | protects personal bank deposits ( Federal Deposit Insurance Corporation) |
| federal reserve | the government's bank |
| best description of money | whatever a society accepts as money |
| inflation | general rise in price levels as measured by CPI |
| Law of scarcity | all things are limited. In order to get something you always have to give up something else |
| profit | the income earned by entrepreneur |
| law of supply | the concept that sellers will produce more of a product when its selling price is relatively high and less when its selling price is relatively low |
| law of demand | the concept that consumers will buy more of a produc t when its selling price is relatively lower than when itsw selling price is relatively high |
| John Van Kuren | mayor of Glen Rock |
