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Economic Systems Federal Reserve Economic Terms Trade A Mix $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500 Economic Systems Federal Reserve Economic Terms Trade A Mix $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500 Economic Systems $100 A system where the government answers the economic questions of what to produce, how much to produce and for whom to produce. Economic Systems $100-Answer What is a command economy? Economic Systems $200 Buyers and sellers answer the economic questions of what to produce, how much to produce and for whom to produce. Economic Systems $200-Answer What is a market economy? Economic Systems $300 Economic decisions are based on the way things were done in the past. Economic Systems $300 Answer What is a traditional economy? Economic Systems $400 An economic system that has elements of a command, traditional and market economy. Economic Systems $400-Answer What is a market economy? Economic Systems $500 This term describes the economy of the United States. Economic Systems $500-Answer What is a mixed economy? Federal Reserve $100 Agency responsible for monetary policy. Federal Reserve $100-Answer What is the Federal Reserve? Federal Reserve$200 The actions taken by the Federal Reserve to control the amount of money and credit in the economy. Federal Reserve $200-Answer What is monetary policy? Federal Reserve $300 The interest rate the Federal Reserve charges other banks for overnight loans. Federal Reserve $300-Answer What is the discount rate? Federal Reserve $400 A method the Federal Reserve uses to control inflation. Federal Reserve $400-Answer What is reduce the money supply? Federal Reserve $500 Three tools of the Federal Reserve’s monetary policy. Federal Reserve $500-Answer What are (discount) interest rates, reserve requirements and open market operations (buying and selling securities or bonds)? Economic Terms $100 The total dollar value of all goods and services produced in a country. Economic Terms $100-Answer What is the Gross Domestic Product? Economic Terms $200 Change in the value of money resulting in higher prices. Economic Terms $200-Answer What is inflation? Economic Terms $300 Giving up the next best thing when an economic decision is made. Economic Decision 300-Answer What is an opportunity cost? Economic Terms $400 A measure of the overall price level in the economy. Economic Terms -Answer What is the Consumer Price Index? Economic Terms $500 A slowdown in economic activity for at least 6 months. Economic Terms- $500 Answer What is a recession? Trade $100 A tax or duty on imports. Trade $100-Answer What is a tariff? Trade $200 To engage in the exchange, purchase or sale of resources, goods or services. Trade $200-Answer What is trade? Trade $300 This treaty promoted increased trade between Canada, Mexico and the United States. Trade $300-Answer What is the North American Free Trade Agreement (NAFTA)? Trade $400 Refusing to trade with another country as a foreign policy tool. Trade $400-Answer What is an economic sanction? Trade $500 This federal regulatory agency promotes fair business practices and helps protect consumers. Trade $500-Answer What is the Federal Trade Commission? A Mix $100 Fiscal policy is determined by these branches of government. A Mix $100-Answer What are the legislative and executive branches? A Mix $200 Tools of fiscal policy. A Mix $200-Answer What is increasing or decreasing taxes and tariffs and/or government spending. A Mix $300 The absence of inflation or deflation. A Mix $300-Answer What is price stability? A Mix $400 Economic goals of the United States monetary and fiscal policy. A Mix $400-Answer What is economic growth, full employment and price stability? A Mix $500 The international organization of 184 countries designed to promote monetary cooperation and exchange stability. A Mix $500-Answer What is the International Monetary Fund?