Microeconomics
The Basic Economic Problem
What do Scarce Resources and Infinite Wants lead to?
Spillover Effects on Third Parties
What are Externalities?
Inflation
What is the general increase in average price levels?
A tax on spending
What is Indirect Tax?
The Factor of Production that brings all the others together
What is Enterprise?
Where a market for a good produces too much or too little of that good
What is a partial market failure?
A measure of economic growth in an economy
What is GDP?
A reason why indirect taxes are put on certain goods
What is negative external costs?
A curve that shows the different combination of goods that can be produced if all resources are used
What is a Production Possibility Curve?
A good that is considered to be "Non-Rivalrous" and "Non-Excludable"
What is a Public Good?
An International Organization that measures Unemployment
What is the ILO?
A minimum amount workers legally have to be paid
What is Minimum Wage?
A type of efficiency where welfare is maximized
What is Allocative Efficiency?
Where information is not equal between a buyer and seller and one side has an advantage
Asymmetric Information
Where exports are higher then imports
What is a current account surplus?
A tradable permit that allow firms to discharge a certain amount of pollutants (e.g. CO2)
What are Pollution Permits?
The "Father of Economics"
Who is Adam Smith?
Where a person buys something expecting a future price change and profiting off of it
What is speculation?
A trade off for solving inflation shown by the Philips Curve
What is unemployment?
A policy that employs government spending and taxation to help reduce inflation
What is Fiscal Policy?