Nature of Economics
The study of how humans create wealth
What is Economics?
When supply equal demand
What is equilibrium?
The inability of a market to allocate resources efficiently.
What is market failure?
Government, and firm
What is mixed economy?
Rapid increase in price
What is hyper inflation?
What is Scarcity?
Excess demand over supply
What is surplus?
When a firm or an industry finds its necessary to cut expenses
What is retrenchment?
The total value of all goods and services produced by a country over a specific period of time
What is national income?
This employment is usually experienced by hotel workers
What is seasonal unemployment?
Microeconomics and Macroeconomics
What are the branches of economics?
One factor affected by a determinant
What is a pivot?
These are formed when producers work together
What are cartels?
Measure of national output
What is GDP?
Increase in Government spending
What are expansionary fiscal policies?
Mental and Physical effort
What is labour?
Demand curve shifting to the left
What is a decrease in a determinant?
High start up cost and barriers to entry.
What is monopoly?
C+I+G+(X−M)+(R−P)
What is GNP?
Retraining
What measure to reduce inflation?
Zero priced
What are public goods?
The percentage change in QD is zero. Quantity demanded does not change in price
What is perfectly inelastic?
This is a good that possesses some ability to make society a better place if the consumption of the good is increased
What is merit goods?
Fiscal and Monetary Policies
What are economic policies?
The ups and downs in a country's real GDP
What is the Trade Cycle?