The branch of economics that is concerned with the economic activities of individuals, households, and businesses .
What is microeconomics?
100
The term used to describe questions (or statements) about facts or how things are.
What are positive questions?
100
The broad goal of promoting the sustenance and flourishing of life.
What is well-being?
100
Good living standards, stability and security, and sustainability.
What are the three major macroeconomic goals?
100
The Classical Economist who wrote The Wealth of Nations.
Who is Adam Smith?
200
The branch of economics that studies economic activities at the national or global level.
What is macroeconomics?
200
The term used to describe questions (or statements) about how things should be.
What are normative questions?
200
We should err on the side of caution when dealing with natural systems or human health.
What is the precautionary principle?
200
The macroeconomic goal concerned with making sure a country's favorable economic environment will continue in the future.
What is sustainability?
200
The economist who argued that the government's mismanagement of the money supply made the Great Depression as bad as it was.
Who is Milton Friedman?
300
Production, Consumption, Distribution, and Resource Maintenance.
What are the four essential economic activities?
300
Reducing unemployment should be the main goal of the government.
What is a normative statement?
300
Supply creates its own demand.
What is Say's Law?
300
The macroeconomic goal concerned with making it possible to plan and to make reasonable predictions about the future.
What is stability and security?
300
The economist who argued that the key to getting out of a recession is to increase aggregate demand.
Who is John Maynard Keynes?
400
The term used to describe fluctuations in the level of national production.
What is the business cycle?
400
Many economists believe the unemployment rate will increase next year.
What is a positive statement?
400
The manipulation of levels of government spending and taxation to raise or lower the level of aggregate demand.
What is fiscal policy?
400
Improvements in people's diet, housing, medical attention, education, working conditions, etc.
What is living standards growth?
400
The use of tools by the Federal Government, such as banking regulations and the issuance of currency, to try to affect the levels of money supply, interest rates, and credit.
What is monetary policy?
500
The term used to describe a rise in the general level of prices.
What is inflation?
500
The benefits of economic growth should be equally distributed.
What is a normative statement.
500
What is produced, how is it produced, and for whom is it produced?
What are the three basic economic questions?
500
The macroeconomic goal whose three components are financial, social, and ecological.
What is sustainability?
500
The idea that in the long run, economies settle at full employment and changes in the money supply only affect the price level, while in the short run, "sticky wages" make fiscal and monetary policy useful mechanisms for coping with the business cycle.