when the quantity demanded equals quantity supplied
What is equilibrium?
100
(consumer price index 2 - consumer price index 1) / consumer price index 1 x 100
(CPI2 - CPI1) / CPI1 x 100
What is the formula to calculate inflation?
100
consumption, investment, government spending, net exports
What are aggregate demand shifters?
100
the x axis for a foreign exchange graph
What is the quantity of currency?
200
when someone can produce something at a lower cost than anyone else
What is comparative advantage?
200
downward sloping curve in a supply and demand graph
What is the demand curve?
200
(number of unemployed / labor force) x 100
What is the formula to calculate the unemployment rate?
200
price of resources, productivity, government actions
What are aggregate supply shifters?
200
the y axis for a foreign exchange graph
What is the price of currency in terms of the foreign currency?
300
graph the represents the opportunity cost of using scarce resources for one commodity or service instead of something else
What is a production possibilities curve?
300
upward sloping curve in a supply and demand graph?
What is the supply curve?
300
(number in labor force / adult population) x 100
What is the formula to calculate the labor force participation rate?
300
1 / (1 - MPC) or 1 / MPS
What is the multiplier for investment and government spending?
300
when forces of supply and demand establish the value of one country's currency in terms of the value of another country's currency
What is a floating/flexible exchange rate?
400
scarcity of resources, cost vs. benefit, thinking at the margin, incentives, trade makes people better off, market coordinates trade, and future consequences count
What are the seven principles of economics?
400
when the quantity supplied is less than the quantity demanded
What is a shortage?
400
frictional, cyclical, structural
What are types of unemployment?
400
-MPC / (1 - MPC) = -MPC / MPS
What is the tax multiplier?
400
making currency worth less in terms of gold
What is devaluation?
500
all available labor resources are being used in the most economically efficient way
What is full employment?
500
when the quantity demanded is less than the quantity supplied
What is a surplus?
500
market value at current price of a nation's output of goods and service
What is nominal GDP?
500
if government has to pass a law or take some other specific action to change its tax and/or spending policies to stabilize the economy