It's Elastic!
This is a synonym for price elasticity.
What is price sensitivity?
This is when one seller controls the market for a good that has no close substitutes.
What is a monopoly?
This occurs when there is a price floor.
What is a surplus?
This is the definition of money.
What is anything of stable value that is accepted by a group of people for payment of goods and services?
Economists generally measure the growth of the economy by looking at changes in this.
What is the gross domestic product?
These types of items are highly elastic.
What are luxury goods, large purchases, or items with many substitutes?
These are four types of monopolies.
What are natural, government, technological, and geographic monopolies?
If quantity supplied is greater than quantity demanded, then the price is too this.
What is too high?
Until the 1970s, the US used this kind of money that was backed by precious metals (gold).
What is representative money?
This is the point when a business cycle turns upward.
What is a trough?
This, either price or quantity, typically does not change much with inelastic goods.
What is quantity?
This is a group of sellers that act together to control or influence a market.
What is a cartel?
Minimum wage is seen as this.
What is a price floor, creating a surplus?
M1 does not include this type of bank account.
What is a savings account?
Inflation usually increases during this part of the business cycle.
What is expansion?
In the long run, all goods are either elastic or inelastic. Which one?
What is elastic?
This is when a few large companies compete in a market that is hard to enter.
What is an oligopoly?
Rent control is an example of this.
What is a price ceiling, leading to a shortage?
These are three functions of money.
What are a medium of exchange, a standard of value, and a store of value for the future?
GDP is calculated by adding these.
What are consumer spending, government spending, business investments, and net import/exports?
Items with lots of 'sales' or 'deals' are typically this.
What are elastic?
Perfect competition has these five characteristics.
What are standard products, numerous sellers, freedom to enter/leave the market, independent buyers and sellers, and well-informed consumers?
Without controls, the price and quantity should reach this point on supply and demand curves.
What is equilibrium?
This founding father advocated for a national bank, but a strong national bank was not founded until 1913.
Who is Alexander Hamilton?
A recession is defined as negative GDP growth for this long.
What is six months or two quarters?