Seth
This deals with the study of national and international economies.
What is macroeconomics?
This is anything that is generally accepted as a means of payment.
What is money?
This character trait is the practice of doing quality work in an efficient manner.
What is industriousness?
This is separating the work to be performed into individualized tasks.
This is a group of firms that produce similar products or provide similar services.
What are industries?
This deals with the amount of satisfaction received from possessing a particular amount of a good.
What is total utility?
This is a system that allows banks to not hold all of their deposits in reserve.
What is fractional reserve banking?
This is the group that Karl Marx believed must be overthrown in order to achieve Communism.
What is the bourgeouis?
These are used to determine how much of a good to buy or sell.
What are market signals?
This term refers to the relationship between a good's price and the amount that people are willing to buy.
What is demand?
A population increase will cause a change in this.
What is quantity demanded?
This is legal tender that is backed by nothing but the government's promise.
What is fiat money?
These are large, complex organizations composed of appointed officials and numerous departments.
What are bureaucracies?
This allows countries to produce those goods in which it has absolute or comparative advantage.
This usually results when a government fixes a good's price above its equilibrium prices.
What is a surplus?
This forces a consumer to buy certain products before he can buy the ones he really wants.
What is a tying contract?
This is caused when businesses face rising production costs, which force them to increase their prices.
What is cost-push inflation?
These are intangible goods produced for which people expect to pay.
What are services?
This commits resources to a purpose expected to provide future gain.
What is investment?
This is the total amount invested in the production of a good.
What is the input?
This is the result when division of labor is carried past the point of maximum efficiency.
What is overspecialization?
These trade agreements involve more than two nations.
What are multilateral trade agreements?
This is any mechanism that allows people to exchange goods?
What is a market?
This is the value of the best alternative that is foregone when a different alternative is taken.
What is opportunity cost?
This is the ability of an entity to produce a good at an opportunity cost that is lower than that of another producer.
What is comparative advantage?