Economic Systems
Supply, Demand, & Price
Fiscal & Monetary Policy
Trade Policy & Economic Indicators
Econ Terminology
100
In THESE economic systems based on agriculture and barter, economic questions are often answered by custom and tradition.
What is a TRADITIONAL economy.
100
Paper cost $.05 per sheet yesterday, but a major fire destroyed several tree farms. This causes a SHIFT IN WHAT?
What is the SUPPLY CURVE?
100
THIS organization serves as the bank for the government.
What is the FEDERAL RESERVE BANK?
100
Nations often specialize in producing a particular product when they have THIS advantage over other producers.
What is a comparative advantage?
100
Peanut butter and jelly are an example of THIS type of goods -- rising demand for one leads to increased demand for the other.
What are COMPLIMENTARY goods?
200
In THESE economic systems, decisions about production are centrally planned by the government.
What is a COMMAND economy?
200
THIS is defined as the desire, willingness, and ability of a consumer to make a purchase.
What is DEMAND?
200
Budgeting decisions made by governments about taxation and spending are best described as THIS type of policy.
What is FISCAL policy?
200
THIS is the total value of all good produced in an economy.
What is GDP - Gross Domestic Product.
200
DAILY DOUBLE!!!!
Adam Smith argued in favor of THIS type of system, in which governments should stay out of the economy.
300
In these economic systems, most decisions are left to consumers and producers, but the government does set rules and regulations.
What is a MIXED economy?
300
THIS law says that as prices go up, more products will be offered for sale by producers.
What is the LAW OF SUPPLY?
300
DAILY DOUBLE!!!
To stimulate the economy during a recession, the Federal REserve is most likely to do THIS.
300
When the economy shrinks for six months in a row, it is said to be in THIS condition.
What is a recession?
300
THIS term describes the increasing economic interdependence of nations around the world.
What is GLOBALIZATION?
400
In THIS type of economy, the government plays no role and producers and consumers make all the decisions.
What is a MARKET economy.
400
A store is likely to reduce the price of blue jeans when supply exceeds demand because it doesn't want to be stuck with THIS.
What is a SURPLUS?
400
What organization is primarily responsible for controling inflation by setting monetary policy?
What is the FEDERAL RESERVE BANK?
400
Cheap labor in developing nations has led U.S. manufacturing companies to do THIS to jobs formerly completed in the U.S.
What is OUTSOURCE them?
400
Features of THIS type of economy include high levels of competition and consumer choice, along with high levels of inequality.
What is a MARKET economy?
500
THIS economic theorist developed a metaphor of the invisible hand to explain the laws of supply, demand, and competition.
Who is Adam Smith?
500
THIS is defined as the price point at which supply equals demand.
What is equilibrium price?
500
If the Federal Reserve raises the discount rate or reserve requirement, the rate of economic growth is likely to do THIS.
What is SLOW DOWN.
500
THESE types of policies are designed to keep domestic producers safe from foreign competition.
What are PROTECTIONIST policies, such as tariffs or subsidies?
500
Assembly lines make use of THIS production technique, in which each worker specializes on a single task.
What is the division of labor?
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