microeconomics
The principle that as prices rise, people buy less of a good.
What is the law of demand?
What GDP stands for.
What is Gross Domestic Product?
The country lets people vote for leaders.
What is a democracy?
This country sells lots of palm oil and electronics to the world.
What is Malaysia?
The Earth is getting warmer because of pollution.
What is climate change?
The concept describing the next-best alternative given up.
What is opportunity cost?
Prices go up for these two reasons: more demand or higher costs.
What causes inflation?
The set of rules for how a government works in the US.
What is the US constitution?
The name of the bank in charge of Malaysia’s money.
What is Bank Negara Malaysia?
This group tries to keep peace in the world.
What is the United Nations?
The key distinction between a monopoly and perfect competition.
What is the number of firms in the market?
If banks ask for more interest, people borrow less.
What happens when interest rates go up?
Splitting up the jobs in government, so one part doesn’t do everything.
What is separation of powers?
The company that finds oil and gas for Malaysia.
What is PETRONAS?
People moving from one country to another.
What is migration?
The measure of responsiveness of quantity demanded to a price change.
What is price elasticity of demand?
A word for what governments do with taxes and spending.
What is fiscal policy?
In one system, companies own things; in another, people share them.
What is the difference between capitalism and socialism?
The name of Malaysia’s plan to be developed by 2020.
What is Vision 2020?
Countries and people are more connected than ever.
What is globalization?
Two reasons why governments intervene in markets.
What are correcting market failure and redistributing income?
People without jobs can make the economy slow down.
What is unemployment’s effect?
The idea that people should have rights and freedoms.
What is liberalism?
One problem Malaysia has when trying to get richer.
What is brain drain or too much export reliance?
Building things today in a way that protects tomorrow.
What is sustainable development?