Unit 1
Unit 2
Unit 3
Unit 4
Unit 5
100
When different workers do different parts of a job.
What is division of labor?
100
The quantity demand of a good or service varies inversely with its price.
What is law of demand?
100
The gross domestic product before adjusting for inflation.
What is GDP?
100
Money
What is currency?
100
Tax free form of investing.
What is municipal?
200
A economy in which the government makes all of the basic decisions.
What is command economy?
200
People are willing to buy different amounts of the product at the same prices.
What is the change in demand?
200
When prices increase but economy does not grow.
What is stagflation?
200
The price of one nation's currency expressed in another nation's currency.
What is exchange rate?
200
A document that represents a claim on the income and property of the borrower.
What is a financial asset?
300
An increase in the overall level of prices in the economy.
What is inflation?
300
Shows the relationship between price and supply. Slope upward from right to left.
What is supply curve?
300
The total amount of goods and services that all people in an economy are willing to buy.
What is aggregate demand?
300
Loss of value.
What is depreciation?
300
Court-granted permission to cease or delay debt payments for a limited amount of time.
What is bankruptcy?
400
An economy based on private ownership. Private individuals and companies control resources.
What is Market economy?
400
A minimum allowable price.
What is price floor?
400
The total amount of goods and services that all producers are willing and able to produce.
What is aggregate supply?
400
Gaining of value.
What is appreciation?
400
Company that rates bonds.
What is the Standard and Poors company?
500
A mixture of market economy with a little government control.
What is mixed economy?
500
Related goods that increase the use of other goods.
What are complements?
500
Number of people looking for work divided by the number of people in the labor force.
What is unemployment rate?
500
The ability to produce a good or service at a lower opportunity cost than another nation can.
What is comparative advantage?
500
The potential for being very convertible into cash or other financial assets.
What is liquidity?
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