Fiscal Policy
What is the fiscal policy
What is government’s efforts to keep the economy stable by increasing or decreasing taxes or government spending.
Who controls the monetary policy?
What is the Federal Reserve Bank
What is the business cycle?
the natural rise and fall of a nation's economic activity
What is perfect competition?
A market structure where many sellers offer identical products and no single seller dominates.
What is the primary focus of Economics?
The study of how scarce resources are allocated to satisfy unlimited wants.
What are TWO tools of fiscal policy?
What is taxation and government spending, government borrowing, economic stabilization, and poverty reduction?
What action does the Federal Reserve typically take when the economy is in a recession?
What is decreases interest rates.
What characterizes a recession?
Two or more consecutive quarters of decline in GDP.
What is monopolistic competition?
What is a market structure with many sellers offering differentiated products.
What is the purpose of Inventory Management in Microeconomics?
What is to optimize inventory levels to meet demand without incurring excess costs.
What happens during a recession concerning fiscal policy?
What is increasing government spending, cutting taxes, or utilizing automatic stabilizers(Programs like unemployment insurance and SNAP) to stimulate the economy
How does monetary policy affect inflation?
What is influencing the inflation rates.
What is Recovery?
A phase of the business cycle is characterized by stabilizing and starting to grow.
What occurs when quantity supplied exceeds quantity demanded in a free market?
What is a surplus.
What is the law of supply
What is a fundamental concept in microeconomics asserts that as the price of a good or service rises, suppliers production rises are eager to offer more of it, aiming to increase their profits.
What is the primary goal of fiscal policy name one?
What is Promote economic growth, control inflation, achieve full employment, stabilize the economy, reduce poverty.
What is a responsibility of the Federal Reserve?
What is adjusting interest rates.
What is a severe recession?
What is a depression.
What is oligopoly?
What is a type of competition involves a few sellers dominating the market.
What is the external factors that influence Business Economics name one?
Economic systems, government policies, and socio-economic organizations.
How does fiscal policy impact unemployment?
What is increased government spending.
What is monetary policy's impact on inflation?
What is influencing inflation rates.
What is an economic boom?
A phase in the business cycle where the economy experiences high growth and employment.
What is a monopoly?
What is a market structure where only one seller controls the entire market.
The law of economic equilibrium
What is the principle that a market will settle at a point where the quantity of a good supplied equals the quantity demanded, resulting in a stable "market-clearing price"