Supply & Demand
What is the term for the amount of a good or service that producers are willing and able to sell at a given price?
What is supply?
What is the term for a market structure with many firms selling identical products?
What is perfect competition?
What is the name of a payment the government makes to individuals or firms to encourage or protect a certain economic activity?
What is a subsidy?
What is the term for something generally accepted as a medium of exchange?
What is money?
What does GDP stand for?
What is Gross Domestic Product?
When the price of a product increases, what typically happens to the quantity demanded?
What is it decreases?
What is the name of a market structure dominated by a few large firms?
What is oligopoly?
What is the term for a legal maximum price that can be charged for a product?
What is a price ceiling?
What institution controls the supply of money in the United States?
What is the Federal Reserve?
What is the term for a sustained rise in the general level of prices?
What is inflation?
Name the point where supply equals demand on a graph.
What is equilibrium?
In what type of market structure does a single company control the entire market?
What is monopoly?
Name the type of tax where the tax rate increases as income increases.
What is progressive tax?
Name the three functions of money.
What are medium of exchange, store of value, and unit of account?
Name the economic term for the percentage of the labor force that is unemployed.
What is the unemployment rate?
What happens to the demand for a product if its substitute becomes cheaper?
What is it decreases?
What is one example of non-price competition in monopolistic competition?
What is advertising or branding?
What government agency is responsible for regulating competition and preventing monopolies?
What is the Federal Trade Commission?
What is the term for the interest rate banks charge each other for overnight loans?
What is the federal funds rate?
What is the term for the most severe stage of the business cycle, characterized by a large decline in GDP?
What is a recession?
Name the law stating that as more units of a variable resource are added to a fixed resource, marginal product eventually declines.
What is the law of diminishing returns?
Name one condition required for a perfectly competitive market.
What is identical products, no barriers to entry, or perfect information?
Name a type of good that is non-excludable and non-rivalrous.
What is a public good?
What is the name for money backed only by the government's declaration of its value?
What is fiat money?
What is the measure used to compare the average price level of a fixed basket of goods and services in one year to the price level in a base year?
What is the Consumer Price Index (CPI)?