Supply/Demand
A shortage of a good or resource is an example of this.
What is scarcity?
These are the four types of competition in economics.
What is perfect competition, monopolistic competition, oligopoly, and monopoly?
What are the 4 main types of unemployment?
Cyclical, Structural, Frictional, and Seasonal.
Land, Labor, Capital, Entrepreneurship
What are the factors of production?
As price goes up, demand goes down.
What is the Law of Demand?
What is the equation for GDP in an open economy? (trade allowed)
GDP = C+I+G+NX
A person's focus on one product or service versus several.
What is specialization?
The favorite method to decrease the money supply by the Fed.
What is selling bonds through open market operations?
Percent change in quantity demanded of good X divided by percent change in price of good x.
What is elasticity of demand?
A complete block in trade with another country.
What is an embargo?
Growth of money supply, changes in aggregate demand, and in changes in aggregate supply cause what?
What is inflation?
If we learn today about promising future energy sources, today's price of energy will ______ and today's quantity of energy will _____.
Fall; rise.
Process of choosing one good over another
What is opportunity cost?
Expanding cultural, political, and economic connections between people around the world.
What is Globalization?
When someone moves to a new state to look for a job, what type of unemployment are they experiencing?
What is frictional unemployment?
This government act outlawed monopolies and cartels to increase economic competitiveness in the US.
What is the Sherman Antitrust Act?
Consumer taste/preferences. Consumer income. Population. Price of Substitute or Compliments. Consumer Price Expectations.
What are the determinants of demand?
The market where businesses and households exchange labor for wages within the circular flow model.
What is the resource (or factor) market?
The new CPI when inflation is 5% and the CPI last year was 200.
What is 210?
Diamonds versus water is an example of this.
What is the paradox of value?