Identified as the father of modern capitalism and wrote the book "wealth of nations".
What is Adam Smith?
100
A consumer's desire and willingness to pay a price for a specific good or service.
What is Demand?
100
A measure of a country's economic performance of goods and services produced in a year.
What is Gross National Product?
100
Measures the total amount of goods and services produced within an economy in a given time period.
What is Aggregate Supply?
100
Government Spending and investment spending are examples of _________.
What is Multipliers?
200
When the main economic decisions regarding Labor, Capital, Soil and Natural resources were made by a central body(government).
What is Command Economy?
200
The price of a good or service increases, consumer demand for the good or service will decrease, in other words the higher the price, the lower the quantity demanded.
What is Law of Demand?
200
An increase in the general price level of goods and services in an economy.
What is Inflation?
200
Increase or decrease in the Price of Resources, change in productivity, and government actions (taxes and subsidies).
What is Aggregate Supply Shifters?
200
If you fail to pay back any loans and/or bonds you may put yourself into _______.
What is Debt?
300
1. Scarcity forces trade offs
2. Costs VS Benefits
3. Thinking-at-the-margin
4. Incentives matters
5. Trade makes people better off
6. Markets coordinate trade
7. Future consequences count
What is Principles of economics?
300
1. Number of buyers
2. Buyers' income
3. Price of compliments and substitutes of the product
4.Numbers of buyers in the market
What is Demand shifters?
300
CPI for multiple items = Cost of CPI market basket at current period prices over Cost of CPI market basket at base period prices × 100.
What is Consumer Price Index?
300
The minimum interest rate set by the Federal Reserve for lending to other banks.
What is Discount rate?
300
Tax multiplier - Inflation = -MPC/MPS
What is Government spending?
400
An original economic system in customs, beliefs and traditions.
What is Traditional Economy?
400
A state in which opposing forces or influences are balanced.
What is Equilibrium?
400
Fixed-rate mortgage holders, Auto loan holders, stock investors and commodity investors.
What is Beneficiaries of Inflation?
400
Economics growth that be more efficient by lowering barriers to supply goods and services.
What is Supply side economics?
400
Structural unemployment, Frictional unemployment and Cyclical unemployment.
What is types of unemployment?
500
Economic and political system in which a country's trade and industry are controlled by private owners
What is Capitalism?
500
A quantity of a resource that exceeds the amount utilized
What is Surplus?
500
The economy, consumers' buying rate falls and lastly living expenses.
What is non-beneficiaries of inflation?
500
Example: If our nation has exports of $2 billion and it imports $3 billion in a period of a year, it was have a trade ________ of $1 billion for that year.