Economics 101
The social science that studies, describes, models, and makes projections about the production, distribution, and consumption of goods and services.
What is Economics?
GDP stands for ________ __________ __________ and means what?
What is Gross Domestic Product and is the total value of all goods and services produced in a country in a year.
Any period of reduced economic activity/growth (usually two consecutive quarters).
What is a Recession
The value of demands not met.
What is opportunity cost
Regions that attend the Summit of the Americas? (4 total).
What is North America, South America, Central America, and the Caribbean
Tariffs, Subsidies, and Import quotas are all examples of __________.
What is protectionist policies.
Developmentalist perspectives in economics study what?
Economic growth in less-developed countries
A platform in which the most developed and industrialized economies discuss international and economic financial stability.
What is the Group of Twenty (G20)
Policies that are guided by the protection of national labor, production, and wealth accumulation.
What is economic nationalism
Economic theory that believes the economic well-being of a nation is directly tied to its control over the global volume of capital.
What is mercantilism
Paradigm that the value of goods and services stems not from supply and demand but from the human labor (physical & mental) required to produce it.
What is Marxism
In 2009, Greece, Ireland, and Portugal were experiencing an inability to pay back their debt, which is known as the what?
What is the sovereign debt crisis?
The three economic paradigms that guide economists and policymakers throughout the world.
What is: Liberal, Nationalist/Mercantilist, Marxist perspectives
The interaction between states and markets.
What is the political economy
A theory introduced by Karl Marx which examined social change through an economic lens and noted conflicting relationships between people who worked to transform natural resources into goods and those who profited from this labor without contributing to it.
What is historical materialism