History Final

To organize things and control sinful man's actions. Not to take good things away but to take bad things away..

Christians had Nero as their ruler, jesus paid taxes. we are called to submit to our authorities or incur God's judgement. Rulers cannot harm our soul so we don't need to fear them. But when the ruling authority contradicts God's authority it goes away. Daniel did not submit to authority but submitted to punishment.

all laws congress has passed

4.93% vs 1-2%

free market oriented approach, suspicious of government in market, opposite of keynesian

opposite of austrian, the various macroeconomic theories and models of how aggregate demand strongly influences economic output and inflation, government should interfere and control market prices

bridges etc (what government does for people), needs more taxes

visual display of people and their characteristics

any industry that needs saving

we are leveling out, then will shrink, workforce will get smaller

give direct payments to producer to lower price or offset price for the purchaser to help purchasers want to get the product. a payment from government to private entities, usually to ensure firms stay in business and protect jobs.

to build more aparetments where demand is high and so ordinary people will buy apartments.

fewer apartments and more run down apartments.

lowest hourly amount workers can get (7.25)

smallest amount that will still draw people in

higher unemployment because you have to lay off workers and can't afford more

(deals in scarcity) the discipline of understanding how we make decisions about the scarcity of goods

1. traditional 2. command 3. market 4. underground (trucks come make uncomfy)

everyone does the same thing. A traditional economy is an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces, as well as the rule and manner of their distribution.

one personovernment runs the economy. an economy in which production, investment, prices, and incomes are determined centrally by a government.

buying and selling is the planning. an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.

black market

Command and market

the separation of the tasks in any economic system or organisation so that participants may specialize (specialization)

usefulness of an object, getting more is not helpful

aquisision of one more unit of something, selling more is more helpful

more not as helpful, another unit is basically useless, At a certain point, employing an additional factor of production causes a relatively smaller increase in output.

the opportunity vs the the cost (thing you give up to do the thing you want to do)

money that has been spent that cannot be regained

an economic model of price determination in a market. It postulates that, holding all else equal, in a competitive market, the unit price for a particular good, or other traded item such as labor or liquid financial assets, will vary until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price), resulting in an economic equilibrium for price and quantity transacted.

things often bought together, such as pb+j

goods that are easily swapped for other goods

when price is lower people want more, and when people want less the price goes up.

Price | Quantity

Price |_/ Quantity

How much of a particular good that is availiable now to buy (if you make a lot of money you can make a lot of things)

When there is more buying more is made, when there is less buying less is made

equilibrium price/quantity

low-people want more than is supplied at the price high-there is more supply than people want

People who make up the demand curve

income, natural disasters, inflation, strikes, supplies skyrocket price, change in production cost, government regulation, technology, wages

everything you earn

things you can earn from an hourly job (for example)

ceiling and floor, how high or low something can be charged

less supply because more can't be bought (you run out of supply because the price is too low and it gets bought. makes things run out faster)

trying to save something causes less supply (you can't make as much because the price is too high)

machines, high turnover (people leaving)

the price of the use of money

3-5%

the likelyhood of getting paid back

part ownership in a company, goal is to sell to get more money than you had

means by which a company makes things (resources, plants), all the things a company owns

loaning money to the person supplying the bond

buying government bonds, tries to take money out of circulation

used to understand price returns (rate of return on an investment) and identify momentum in trends. The rate of how quickly something changes

changes from week to week

determines shape of curve, if the price is too much people won't buy because they don't need it

when you buy something regardless of price because you need it

percent change of quantity over percent change of price

percent change of quantity is greater than the percent change of price

percent change of quantity equals the percent change of price

percent change of quantity is less than the percent change of price

usefullness of buying another of the same item

usefullness of an item to you

the more you have the less you want and the less valuable it is

Financial and labor markets, economics of a single market, one market studied

Looking at economics at a large nationwide scale, all the markets of our country, all markets in an economy studied

government regulated money movement through taxes and spending to moniter economy, lowers productivity of peaks, lower the busts and booms, the manner by which the government spends money and gains money (taxes) by looking at the current economy (spending money during a depression), taxing during a boom to use during a depression

controlling the economy through creation and reduction of money, results in inflation thus causing more depression

buy from government and they'll pay you back, loan to government, not risky

aggregate (everything together) supply/demand

economic growth, low unemployment, low inflation

when money loses value

Total number of things (goods and services) made in a year (an estimate)

some things are taken away

nothing taken away

Consumption, investment, government exports, imports (negative against GDP) (cows in exile implode)

Two types of products (goods), drable (reused) and non durable (not reused), services, structures (buildings), change in inventory (preslie sells street instagram)

to see when depressions are coming and to make decisions based on that (chronological comparisons)

Boom (peak), recession, depression (bust), recovery

adjusting for inflation vs unadjusted numbers

low unemployment and high, rising inflation

high unemployment and low inflation

debts, so even if one country has a higher GDP, it might not be richer because of debts. also does not include population and therefore GDP per person

how much product comes out of each worker's work

Fiscal and monetary policy

Government intervention during depressions (attempts to flatten the curve), uses monetary and fiscal policy, stimulus checks, and making money out of nothing

Do nothing during depressions and let it work itself out

taking from tax payers and giving to people to spend (just moves money around, no gain)

fiscal policy

name for depressions before "depression"

small number of customers and government lending to banks, the rate the FED (government) charges to banks when they give them money, 2% to encourage them to borrow lots

Federal reserve board, monitors financial system risks and engages at home and abroad to help ensure the system supports a healthy economy for U.S. households, communities, and businesses.

loan, they loan money and people pay back a little more

property tax

everything you own taxed when you die, everything is taxed again

tax on your gain in stocks

things that don't get taxed out of your income

credit for paying taxes although you didn't (ex. single poor mother)

amount of money subtracted from income because you are married, have kids, etc.

tax percent bigger the bigger your income is

adjusted gross income, not deductions or exemptions, everything else you make

the extra money you give for taxes gets returned

look at some tax returns and ask for proof