Macroeconomics
This branch of economics looks at the economy as a whole, including growth, unemployment, and inflation.
What is macroeconomics?
This branch of economics focuses on individual consumers, households, and firms.
What is microeconomics?
GDP stands for this.
What is Gross Domestic Product?
Inflation causes the general price level of goods and services to do this.
What is rise or increase?
Goods or services bought by one country from another country are.
What are imports?
The total value of all goods and services produced in a country in one year is called this.
What is Gross Domestic Product (GDP)?
The extra benefit from producing or consuming one more unit of a good is called this.
What is marginal benefit?
This economic indicator measures how much the average price of goods and services change over time.
What is the inflation rate?
This type of unemployment occurs when workers are temporarily between jobs or transitioning careers.
What is frictional unemployment?
Selling goods to another country is called this.
What are exports?
This type of policy uses government spending and taxes to influence the economy.
What is fiscal policy?
When a company sets prices based on what it costs to produce each additional unit, it’s considering this.
What is marginal cost?
The total value of goods and services produced minus depreciation is called this.
What is Net Domestic Product (NDP)?
When prices rise too quickly, eroding purchasing power, the economy experiences this.
What is inflation?
A situation in which a country can produce a good at a lower opportunity cost than another country is called this.
What is comparative advantage?
When the Federal Reserve changes the money supply or interest rates, it is using this type of policy.
What is monetary policy?
A market structure in which a few firms dominate an industry is called what?
What is oligopoly?
This indicator tracks the total number of people actively looking for work but unable to find a job.
What is the unemployment rate?
This type of unemployment occurs when workers are replaced by machines or technology.
What is structural unemployment?
An agreement between countries to reduce or eliminate trade barriers is called this.
What is a free trade agreement?
A period of economic decline, usually measured by two consecutive quarters of negative GDP growth, is called this.
What is a recession?
This term describes when one person or firm can produce a good at a lower opportunity cost than another.
What is comparative advantage?
Two consecutive quarters of negative economic growth as measured by a country's gross domestic product (GDP).
What is recession?
When inflation is very high and accelerating, it’s called this.
What is hyperinflation?
The increasing integration of economies, cultures, and businesses across the world is called this.
What is globalization?