Terms
What are Trade Offs?
A good traded in exchange for another
What does the r represent in this equation?
1/( 1+r)t
Discount rate
What does externalities cause?
They cause unintentional results
Which graph comes from the right?
The Supply Graph
What does IPCC
Intergovernmental Panel on Climate Change
What is a Fiscal Policy?
Policies made by the government that influence the economy
What equation would you use to solve for the future value?
X (1+/-)t= Future Value
Examples of Public Goods
Infrastructure, security, education, healthcare, and more
What direction is the line coming from in the Demand Graph
From the left side.
Where to poorer countries tend to be located?
Close to the equator
What are unintended consequences?
Externalities
What is the equation for Consumer Price Index?
t=100 x (cost in year t)/(cost in base year)
What creates externalities?
Externalities come from human activity.
What is elasticity?
The measuring the amount people change in what they buy or use when prices or income changes.
When did former President Joe Biden sign the "Inflation Reduction Act"?
2022
Macroeconomics vs. Microeconomics
Macroeconomics is the study of a entire economy as Microeconomics is the study of individual.
What does C, I, G, and NX mean when calculating the GDP?
C-Consumption
I-Investment
G-Government Spending
NX-Net Exports
Why do ecological scientist advocate for limits?
They advocate because they recognize the complexity of living systems.
What happens to the graph of GDP when the climate rises?(Increase or decrease in damages)
There's a increase in damages
What is principle/agent problem?
Difficulty of individuals in charge to oversee and control those they are responsible for monitoring
The belief the government should help steer the economy because not all problems can be healed on their own.
Keynesian Economics
What is the equation for Price elasticity of demand?
(% change in quantity demanded)/(% change in price)
Economics has been defined as ?
The study of how people and groups use limited items to get what they need or want.
How can you tell a graph is displaying a high rate of elasticity?
The flatter the line is the more elasticity it i
When was the first environmental summit held?
Bonus points: Where was it?
1972
Bonus points: Stockholm, Sweden