FUNdamentals!
Micro
Macro
International Trade
Personal Finance
100
when society doesn't have enough resources to produce all the things people would like to have
What is scarcity?
100
flow of money and resources from businesses to households and from households to businesses
What is circular flow model?
100
total market value of all goods and services produced in a nation over a specific period of time, usually a year
What is gross domestic product (GDP)?
100
tax on certain imported goods
What is tariff?
100
same percent tax rate of tax on everyone, regardless of income
What is proportional tax?
200
the most desirable alternative given up as the result of a decision
What is opportunity cost?
200
your demand for a good despite a price increase
What is inelastic?
200
name the four types of unemployment
What is frictional, structural, cyclical, and seasonal?
200
limit on the number of certain products that can be imported from another country
What is quota?
200
higher percent rate of tax on persons with higher incomes
What is progressive tax?
300
four factors of production
What is capital, entrepreneur, labor, and land?
300
price where demand equals supply
What is equilibrium price?
300
decisions about how to regulate the amount of money available in the economy
What is monetary policy?
300
rules about the quality of imported goods
What is standards?
300
higher percent rate of tax on people with lower incomes
What is regressive tax?
400
the concentration of the productive efforts of individuals and firms on a limited number of activities
What is specialization?
400
highest price that can be charged for a good
What is price ceiling?
400
decisions about the governments taxing and spending
What is fiscal policy?
400
involve direct financial aid often through tax credits or tax deductions to certain domestic industries
What is subsides?
400
interest on top of interest
What is compound interest?
500
name the five economic goals
What is security, growth, equity, freedom, and efficiency?
500
list of quantities offered at each and every possible market price
What is supply schedule?
500
interest rate the federal reserve charges other banks
What is discount rate?
500
total ban on one or more products from a particular nation
What is embargo?
500
you are charged interest only on the original amount of the loan
What is simple interest?
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