Nsl Study Guide
1. ______________ is the basic economic problem facing all societies. It is the idea that we have unlimited wants and limited resources.
2. The Federal Reserve is in charge of _____________ policy. They adjust the money supply by adjusting __________________.
3. The United States is a ______________ economic system. In this type of economy, the individuals and government make economic decisions.
4. _____________ and _____________ are in charge of making fiscal policy. They use the two tools of _______________ and _________________.
5. The _______________________ is the value of the next best alternative.
6. The total dollar value of all the goods and services produced in a given year by a country is the ____________________________.
7. Inflation is measured using the _______________________________.
8. In a ________________economic system the government makes all of the decisions and controls many of the businesses.
9. In a____________________ economic system individuals and businesses make decisions. Businesses keep the profits that they make in this type of economic system.
10. The ___________________ shows periods of economic growth and decline.
11. The _______________ for a product decreases as the price of the product increases. It is how much people want of a good or service at a certain price or time.
12. The __________________ of a product increases as the price of the product increases. It is the amount of a good or service that sellers are willing to sell at possible prices.
Word Bank
Mixed Monetary Taxing Scarcity Consumer Price Index (CPI)
Business Cycle Market Gross Domestic Product (GDP) Command Demand
Opportunity Cost President Spending Congress Interest Rates Supply
Matching: Federal Regulatory Agencies
Regulatory Agency Letter Description
Federal Trade Commission (FTC) 1. A. This agency regulates the safety of food, drugs, and cosmetics.
Food and Drug Administration (FDA) 2. B. enforces environmental standards for air,
2. The Federal Reserve is in charge of _____________ policy. They adjust the money supply by adjusting __________________.
3. The United States is a ______________ economic system. In this type of economy, the individuals and government make economic decisions.
4. _____________ and _____________ are in charge of making fiscal policy. They use the two tools of _______________ and _________________.
5. The _______________________ is the value of the next best alternative.
6. The total dollar value of all the goods and services produced in a given year by a country is the ____________________________.
7. Inflation is measured using the _______________________________.
8. In a ________________economic system the government makes all of the decisions and controls many of the businesses.
9. In a____________________ economic system individuals and businesses make decisions. Businesses keep the profits that they make in this type of economic system.
10. The ___________________ shows periods of economic growth and decline.
11. The _______________ for a product decreases as the price of the product increases. It is how much people want of a good or service at a certain price or time.
12. The __________________ of a product increases as the price of the product increases. It is the amount of a good or service that sellers are willing to sell at possible prices.
Word Bank
Mixed Monetary Taxing Scarcity Consumer Price Index (CPI)
Business Cycle Market Gross Domestic Product (GDP) Command Demand
Opportunity Cost President Spending Congress Interest Rates Supply
Matching: Federal Regulatory Agencies
Regulatory Agency Letter Description
Federal Trade Commission (FTC) 1. A. This agency regulates the safety of food, drugs, and cosmetics.
Food and Drug Administration (FDA) 2. B. enforces environmental standards for air,