Supply, Demand & Equilibrium
What is term that means "the amount consumers are willing and able to buy"
Demand
What term describes the measure of how responsive quantity demanded or supplied is to a change in price.
Elasticity
What word describes someone's education, knowledge, skills, training, and experience.
Human Capital
What measures the value of final goods and services produced within a country?
GDP
Economic Growth, Full employment, price stability, and economic security are examples of...
Economic Goals
What is the term that means "the amount producers are willing and able to sell"
Supply
____________________ is a legal maximum price set by the government
Price Ceiling
The quantity of goods and services produced using a given amount of resources is called...
Productivity
What tracks changes in consumer prices?
CPI
What term means prices remain relatively stable?
Price Stability
Consumers become more interested in a product. What will happen to demand?
Increase
What happens when a price ceiling is set below equilibrium
A shortage
Completing software training increases a worker's....
Human Capital
This type of unemployment occurs when someone is temporarily between jobs.
Frictional
What system helps move money through the economy?
Financial System
A business is willing and able to produce more products at a certain price. This is an example of:
Supply
Minimum wage is an example of a price _________.
floor
What happens to wages when an employee increases their human capital?
Increase
The correct order of the business cycle is....
Expansion -> Peak -> Contraction -> Trough
What is it called when you obtain money now and plan to repay it later?
Borrowing
What is it called when quantity demanded is greater than quantity supplied?
shortage
If there is high demand for nurses but a low supply of nurses, wages will generally:
increase
When supply of labor is high and the demand is low, what generally happens to wages?
Decrease
Which type of unemployment occurs when the economy slows down?
Cyclical
Which economic goal means people willing and able to work can find a job?
Full employment