AS THE PRICE OF A GOOD OR SERVICE INCREASES THE QUANITY DEMANDED DECRESES
What is LAW OF DEMAND
100
THE INCREASE IN THE BENEFIT THAT RESULTS FROM AN ACTION
What is MARGINAL BENEFIT
100
THE STUDY OF MAKING CHOICES
What is ECONOMICS!!!!!!! IF YOU DONT KNOW THIS, YOU WILL FAIL.
100
PRICE YOU RECIEVED AND THEN THE PRICE YOU PAY.
PAY $10 BUT WILLING TO PAY $100. $90 SURPLUS.
What is PRODUCER SURPLUS
100
MAX PRICE TO PAY BUT LOVE TO PAY LESS
What is CONSUMER SURPLUS
200
-PRICE OF FLOUR INCREASES
-PRICE OF CC- FALLS
-PRICE OF CC-FALLS
What is BAGEL AND CREAM CHEESE
200
PEAK AND TROUGH
What is BUSINESS CYCLE TURNING POINTS
200
PROFIT MAX=
What is MARGINAL REVENUE = MARGINAL COST
200
2001 RECESSION
What is MARCH 2001-RECESSION
NOVEMBER 2001-CALLED IT A RECESSION
JULY 2003- SAID THEY CAME OUT OF RECESSION IN NOVEMEBER 2001.
200
EXPANSION AND RECESSION
What is BUSINESS CYCLE PHASES
300
FULLY UTILIZING RESOURCES
What is CLASSICAL
300
RESOURCES NOT BEING USED. "SLACK"
What is KEYNESIAN
300
SOME RESOURCES ARE BEING USED.
SLACK AND FULLY UTILIZED.
What is INTERMEDIATE
300
MARKET VALUE OF ALL FINAL GOODS AND SERVICES PRODUCED IN THE US.
What is GDP
300
FIRMS EXPANDING----INVESTING INTO THIER FIRMS NOT RELATED TO THE STOCK MARKET.
What is INVESTMENT SPENDING
400
REPONSIVENESS OF QUANITY TO A CHANGE IN ANOTHER VARIABLE
What is ELASTICITY
400
-INCOME
-TASTE
-PRICE OF SOME OTHER GOOD
-POPULATION
-EXPECTATIONS
What is DEMAND SHIFT FACTORS
I PRACTICE PLAYING POOL EVERYDAY
400
-MANY FIRMS
-IDENTICAL PRODUCTS
-NO BARRIERS TO ENTER/EXIT
-COMPLETE INFORMATION
What is PERFECT COMPETITION
400
ILLEGAL ------> LEGAL
What is MORE DEMAND AND MORE ELASTIC
400
LOW INFLATION
STABLE ECONOMIC
SHORT RUN
What is MONETARY POLICY
500
DOWN IN GOV SPENDING
UP IN TAXES
What is CONTRACTIONARY FISCAL POLICY
500
A GRAPH WHICH RELATES THE AMOUNT OF DIFFERENT GOODS THAT CAN BE PRODUCED IN A FULLY EMPLOYED SOCIETY
What is PRODUCTION POSSIBILITES FRONTIER
500
THE FORGONE BENEFIT OF THE NEXT BEST ALTERNATIVE
WHAT DID YOU GIVE UP?
What is OPPORTUNITY COST
500
AS PRICE GOES UP (DOWN) THE QUANITIY SUPPLIED GOES DOWN (UP)
What is LAW OF SUPPLY
500
-IT SELLS A PORTION OF THAT RESERVE OF BONDS WHEN IT WANTS TO GET MONEY OUT OF THE SYTEM.
-IT BUYS BONDS WHEN IT WANTS TO ADD TO THE MONEY THAT IS IN CIRCULTATION.