| A | B |
|---|
| Medium of Exchange | The most common use of money. |
| Medium of Exchange | Anything that members of a society are willing to accept in return for goods and services or as payment of a debt. |
| Medium of Exchange | Examples that people used are rocks, shells, animals, or anything that was considered scarce or valuable. |
| Medium of Exchange | It would be impossible for a modern economy to function effectively without some of this. |
| Bartering | The exchanging of goods and services for other goods and services. |
| Bartering | Examples are trading a haircut for fixing a flat tire. |
| Unit of Account | How an economy's prices are stated. |
| The Money Cycle | When the U.S. Mint prints new dollars and stams out new coins and replaces the new old money with the new money. |
| $120 Million Dollars | The cost per year of keeping currency in good shape. |
| Lifestyles and needs. | The numbers and types of bills and coins demand changes with what of consumers? |
| Vending Machines | What became popular in the 1960's? |
| The increased used of vending machines | Because of what did the demand for nickels, dimes, and quarters grow dramatically? |
| Three | The number of U.S. Mint Branches. |
| The three U.S. Mint Branches. | Denver, Philadelphia, San Francisco |
| $10 and $20 dollar bills. | The popular use of ATM's has increased the demand for this. |
| Discouraged Workers and Dishonest Non-Workers | Two distinct groups that are unemployed. |
| Discouraged Workers | Individuals who would love to go back to work but due to the length of time being unemployed, they have low self-esteem, many job application rejections, or just bad luck, they have given up on looking for a new job. |
| Dishonest Non-Workers | Individuals who say they are looking for a job, being eligible for unemployment compensation, although they have no real intention of getting a new job. |
| Frictional Unemployment | When unemployment happens naturally. |
| Frictional Unemployment | Some people who quit their jobs because they are not happy, some people re-enter the market after having a baby. |
| Structural Unemployment | Occurs when the skills of the employee no longer match the needs of the employers. |
| Structural Unemployment | When technological changes make an employee's skills and talents obsolete. |
| Structural Unemployment | An example is someone who specializes in automotive carburetor repair is in less demand today because most cars are fuel-injected. |
| Seasonal Unemployment | Happens because some products/businesses are in demand during certain parts of the year. |
| Seasonal Unemployment | The construction business in the northern states and the agriculture harvesting in many states are good examples. |
| Seasonal Unemployment | When business is not being conducted, the demand for employees drops considerably. |
| Cyclical Unemployment | A result of the business cycle. |
| Cyclical Unemployment | During times of recession or depression, people will not be employed. During times of recovery and prosperity people will be employeed. |
| Induced Unemployment | Caused by governmental policy. |
| Induced Unemployment | An example is the national minimum wage law. |
| Five | The number of types of unemployment. |
| Four | The number of types of competitions. |
| Pure Competition | There are many buyers and sellers. |
| Pure Competition | The products are very similar and many times the products are identical. |
| Pure Competition | It is easy for buyers and sleers to get into and out of the market. |
| Monopolistic Competition | The seller has a variety of different thigns available for purchase but secretly they are almost the same. |
| Monopolistic Competition | The seller believes there is competition. |
| Oligopoly Competition | The products sold by the companies are pretty much the same. |
| Oligopoly Competition | A few big companies dominate the sales of the products. |
| Oligopoly Competition | An example is Sprint, AT&T, and Verizon. |
| Monopoly | You need to be the only provider of something and there can not be a good substitute. |
| Government granted monopoly | Usually utilities. |
| Government granted monopoly | Most places usually only have one. |
| Geographic monopoly | When there is no competition around, such as in a small town with only one grocery store. |
| Monopolistic Competition | An example would be laundry soap manufacturers. |
| What trade policies affct. | Employment, unemployment, monetary policies, government spending, budget making, peace-keeping policies. |
| Global Trade | There are many benefits for each country. |
| Global Trade | An example is Americans drink coffee from Brazil and tea from China. |
| United States | We are one of the lucky countries that actually have almost all of the resources that we need. |
| Absolute Advantage | Some individuals (or countries) can produce mroe of a good from given resources than can others. |
| Absolute Advantage | An example is a Kansas farmer can grow more corn per acre than a farmer in Colombia. |
| Absolute Advantage | The theory of specializing in what we can do fastest and cheapest. |
| Comparative Advantage | Why it can be beneficial for two countries, regions, or individuals to trade even though one of them may be able to produce every item ore cheaply than the other. |
| Comparative Advantage | What matters is the ratio between how easily the two countries can produce different goods. |
