PPF, Economic Spectrum, Intro to Econ
Economic Indicators and Aggregate Supply and Demand
Fiscal and Monetary Policies
Market Structures and types of Businesses; Supply and Demand
International Trade and Comparative and Absolute Advantage
100
These are the 3 basic economic questions and how they are answered in each society.
What are we going to make? How are we going to make it? Who is going to get what we make? We answer these questions based on what we value.
100
This is the order of the business cycle
Expansion, peak, recession, trough
100
These are the two tools of Fiscal policy and how they are used to fix a recession.
Lower taxes, raise government spending
100
This type of merger is between 2 businesses involved in different stages of production towards the same product.
vertical
100
When the value of a currency falls relative to another nations currency, it is called this,
depreciation
200
This is how we illustrate full employment, inefficiency, and economic growth on a PPF Curve.
full employment: a point on the curve
inefficiency: a point inside the curve
economic growth: a rightward shift of the ppf curve
200
These are the equations for GDP
C+I+G+XN
or
R+W+i+P
200
These are the 3 functions of money.
Unit of account, medium of exchange, and a store of value
200
This is the market structure for when a few firms control a majority of the market. This is an example of one.
Oligopoly; Example: airlines, cell phone companies, auto industry
200
This is the definition of comparative advantage and the saying of how to to the math
lowest opportunity cost, other goes over
300
These are the 5 factors of production that shift the PPF curve.
Land, Labor, Capital, Entrepreneurship, Human Capital
300
An American company, like Ford, owns a factory in Tokyo, Japan. The value of goods and services produced in the factory in Japan is apart of this country's GDP and this country's GNP.
GDP: Japan
GNP: The US
300
These are the 4 tools of Monetary Policy and how they are used to fix a recession.
buy bonds, lower the discount rate, lower the required reserve ratio, and lower the interest on reserve balance
300
These are the shifters of Demand of an individual product
Income, Tastes, Substitute goods, Expectations, Complement goods, number of buyers
300
Germany places a block on all imports from Sri Lanka, that is the type of trade barrier they have
embargo
400
This is who controls the resources in a command (communist) economy, mixed (socialist) economy, and market (free enterprise) economy
Command: the government
Mixed: some govt, some individuals
Market: the individuals
400
These are the 4 types of unemployment with examples.
Frictional, Structural, Seasonal, Cyclical
Examples...
400
This is who controls Monetary Policy and how many regions it has
The Federal Reserve, 12
400
This is what creates a surplus and this is what creates a shortage.
Surplus: price is set above equilibrium (price floor)
Shortage: price is set below equilibrium (price ceiling)
400
When a nation imports more than it exports, economists say it has this
a trade deficit
500
The government of a country must make a decision between increasing military spending and subsidizing wheat farmers. This kind of decision is a called this:
Guns vs. Butter
500
These are the Shifters of Aggregate Demand and Aggregate Supply
AD: C, I, G, XN
AS: N, I, T, E, P
500
This is what the laffer curve looks like and what it shows
the higher the taxes, the more govt revenue up to a point, and after that more taxes will bring in less money for the government as people work less and make less income to tax
500
This type of business is owned by one person, This type of business is owned by multiple people who share responsibility, and this type of business is owned by shareholders of stock.
Sole proprietorship
partnership
corporation
500
This is the opportunity cost for each country to make Grapes. 
Switzerland: 1 chocolate
Brazil: 1/3 Chocolate