Intro
How Mkt Works
Business & Labor
Money, Banking & Finance
Measuring Econ Performance
100
Limited quantities of resources to meet unlimited wants
What is scarcity?
100
Consumers buy more of a good or service when its price decreases and less when its price increases
What is the Law of Demand?
100
A business owned and managed by a single individual
What is a sole proprietorship?
100
FDIC
What is Federal Deposit Insurance Corporation? or What is the government agency that insures customer deposits if a bank fails?
100
The dollar value of all final goods and services produced within a country's borders in a given year
What is the GDP (Gross Domestic Product)?
200
Land, labor, & capital
What are the factors of production?
200
All other things held constant
What is ceteris paribus?
200
A legal entity owned by individual stockholders
What is a corporation?
200
A specific type of loan that is used to buy real estate
What is a mortgage?
200
GDP measured in current prices (NOW not LATER LATER)
What is the nominal GDP?
300
What goods & services should be produced? How should these goods & services be produced? Who consumes these goods & services?
What are the three basic questions of economics?
300
Tendency of suppliers to offer more of a good at a higher price
What is the Law of Supply?
300
A certificate of ownership in a corporation
What is a stock?
300
The price paid for the use of borrowed money
What is interest?
300
A period of macroeconomic expansion followed by a period of contraction
What is a business cycle?
400
Laissez-faire, Invisible Hand & Self-Interest
What are the concepts expressed by Adam Smith, in Wealth of Nations?
400
The cost of producing one more unit of a good.
What is the marginal cost?
400
A formal contract to repay borrowed money with interest at fixed intervals (I.O.U.)
What is a bond?
400
A person who links buyers and sellers of stock
What is a stockbroker?
400
A recession that is especially long and severe
What is a depression?
500
Profit motive, Open opportunity, & Economic Rights
What are the Basic Principles of Free Enterprise?
500
The point at which quantity demanded and quantity supplied are equal
What is the equilibrium price?
500
An organized work stoppage intended to force an employer to address union demands
What is a strike?
500
A market for buying and selling stock
What is a stock exchange?
500
Key economic variables that economists use to predict a new phase of a business cycle
What are leading indicators?
M
e
n
u