GENERAL
SUPPLY
DEMAND
BUSINESS CYCLE
MACROECONOMICS
100
The study of how people use their resources to produce, distribute, and consume goods and services.
What is Economics?
100
A line on a graph.
What is a curve?
100
The Law of Demand.
What is - as price increases, demand decreases?
100
The value in dollars of all goods and services produced in one year.
What is the GDP?
100
GDP goes up - unemployment goes...
What is down?
200
He believed that the market operates naturally without outside influences.
Who was Adam Smith?
200
Price - cost =
What is Profit?
200
The amount that a change in price changes demand.
What is Elasticity of Demand?
200
A decline in the GDP for two consecutive quarters, plus unemployment.
What is a recession?
200
Recession increases - jobs...
What is decrease?
300
The study of a single product.
What is Microeconomics?
300
The point on a graph where supply equals demand.
What is Market or Equilibrium Price?
300
A condition that occurs below Market Price.
What is a shortage?
300
An increase in prices and wages - the value of money decreases.
What is Inflation?
300
Profit goes up - jobs go...
What is up?
400
The study of the entire economy.
What is Macroeconomics?
400
This occurs above Market Price.
What is a surplus?
400
Complimentary Product Effect causes this.
What is a shift in Demand?
400
Debt, stock market, CPI, Unemployment rate, GDP, Inflation...
What are Economic Indicators?
400
Interest on Savings goes up - Savings go..
What is up?
500
He was considered the "Father of Communism."
Who was Karl Marx?
500
The price of resources influences this.
What is supply?
500
People would consume more of it if it were free.
What is a good that is scarce?
500
Plan for taxes and government spending.
What is Fiscal Policy?
500
Taxes go up - Savings go...
What is down?
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