Three Economic Stances

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1. What are three economic stances that a government may have? Describe each of these stances. Answer: The three economic stances a government may have are neutral, expansionary, and contractionary. The economic stance contractionary means the government is collecting more money than what is spent. A neutral stance means a balanced economy, which normally leads to more tax revenue for the government. Lastly, expansionary means the government is spending more money than what they are collecting. 2. What are the four different types of economic resources? Describe each type. Answer: The four different types of economic resources are land, capital, labor, and entrepreneurial ability. Labor is physical and mental work that is needed in order to…show more content…
What is an open outcry? Answer: Open outcry is where someone is selling something and they shout out what it is. Like how you’ll see in movies when they go to a game, the guy or girl who is selling things such as corndogs, popcorn, ect., shouts out that they are selling it. They are verbally submitting their offers. 5. What is trading? Describe some of the ways that trading takes place. Answer: Trading is where you have something someone else wants and they have something you want too so you guys just exchange them. Or you can buy whatever it is and sell it, normally that occurs in what is called a open outcry. Critical Thinking Questions 1. Choose one current event. Describe the event and discuss the economic implications of this event. What economic effects might this have at the individual and societal levels? Answer: A current event that is going on in our economy is the Flint water crisis. It is affecting the economy and us. The water there is making everyone sick or leaving them helpless because there is not enough bottled water to go around. The population in Indiana is rising because of this and the population there…show more content…
How does the stock market influence the finances of individuals, even if they don 't personally invest? Answer: The finances of individuals are influenced by stock markets because items we buy could make go up or down. Especially depending upon the prices of the items we buy. Even if people don’t personally invest because that would make the prices go down. 4. Think about the larger economic situation in your country right now. How do the overall economy and its various aspects impact your life and finances? Answer: The overall economy and its various aspects impact our lives and finances when we do stuff like pay taxes. Sometimes when taxes are paid, we do not benefit from them. Our taxes could be used to help the larger economic situation but sometimes the taxes are not used properly. 5. How can the fiscal policies of a country influence individual finances? Answer: The fiscal policies of a country can influence individuals finances by money being spent and collected. This can have a direct or indirect impact on us. When the state collects our money it can have an effect on us if the spend on anything or if they do not spend the money at
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