Microecon. terms
Supply & Demand
Personal Finance
Microecon. Terms #2
Macroeconomics
100
Things we must have are known as these.
What are needs?
100
The ____ curve shows how much of a good or service will be made available at varying prices.
What is supply?
100
The best way to live within one's means is to create a _____ and stick to it.
What is a budget?
100
This is the term we use to describe something that can take the place of something else.
What is a substitute?
100

___ is the value of all nationally produced goods and services in a given period of time.

What is GDP?

200
Things we pay others to do for us are known by this word.
What are services?
200
The ideal price for a good or service is one where the QD = QS; it's also known as this.
What is equilibrium / market clearing price?
200
Consider the expenses we had on Budget Challenge. The budget category in which it would be easiest to save the most on in the real world would be _____.
What is transportation?
200
Some goods require other goods to make them work; cell phones, for example, need a service provider. The term for these 'other goods' is _____.
What are complements?
200

__ deals with individual decision-making, while __ deals with determinants of total national income.

What are microeconomics and macroeconomics?

300
Graphing ______ and ______ gives us a good visual for the prices at which goods & services will be traded.
What are supply and demand?
300
Increasing taxes on imported goods will result in a _____ in demand.
What is decrease?
300
Opting not to buy this opens one up to the risk of large unexpected expenses.
What is insurance?
300
In personal finance, using these is a risky way to pay for goods & services because it often results in over-spending.
What are credit cards?
300

___ is a period during which real GDP decreases for two successive quarters.

What is a recession?

400
This word describes the trade-off we make when we decide to do something, usually described as the value of the next best thing we could have done.
What is opportunity cost?
400
Government incentives, such as tax breaks, usually ______ demand for things such as electric vehicles.
What is increase?
400
A small amount of money put in a ___ early in one's career can grow surprisingly large decades later when it is needed.
What is a 401k / retirement account?
400
When demand for a good/service changes significantly when the price changes, we say that demand for that G/S is _____.
What is elastic?
400

This policy tries to influence aggregate demand by changing the money supply and/or interest rates.

What is monetary policy?

500
This word describes the fundamental problem that drives all economic activity.
What is scarcity?
500
This phrase refers to anything other than price that might affect the demand for, or supply of, a good/service.
What are determinants of supply/demand?
500
Building this starting at a young age will make it easier (and less expensive) to borrow money later on.
What is credit rating / credit score?
500
Things which ought to be made available to everyone regardless of their ability to pay for them (such as roads, parks, and police protection).
What are public goods & services?
500

These are the four concerns of macroeconomics.

What are economic growth, unemployment, inflation, and deficits?

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