The monetary value of all the finished goods and services produced within a country's borders in a specific time period
What is GDP?
100
Total quantity of all goods and services in the entire economy demanded by the people.
What is Aggregate Demand?
100
A reduction in the value of an asset with the passage of time
What is depreciation?
200
The most important thing that you give up because a scarcity and the choices that you have to make.
What is opportunity costs?
200
All other factors being equal, as the price of a good or service increases/decreases.
What is the law of demand?
200
Rise of prices in goods or services
What is inflation?
200
An increase in government expenditures and/or a decrease in taxes that causes the government's budget deficit to increase or its budget surplus to decrease.
What is expansionary policy?
200
a system of money in general use in a particular country.
What is currency?
300
The ability of an individual or group to make a specific product more efficiently than any other activity.
What is comparative advantage?
300
All else is equal, an increase in price results in an increase in quantity supplied.
What is the law of supply?
300
Sales of goods that were produced outside our domestic borders, sales of used goods, goods produced in the current year, transfer payments made by the government.
What is included/excluded in GDP?
300
Government expenditures decrease and taxes increases.
What is contractionary?
300
An increase in the value of one currency in terms of another.
What is appreciation?
400
A policy or attitude of letting things take their own course, without interfering.
What is Laissez Faire?
400
When you have more than you need.
What is surplus?
400
Real domestic output of producers based in the rise and fall of the price level
What is Aggregate Supply?
400
The policy that seeks to expand the money supply to encourage economic growth or combat inflation.
What is the expansionary and contractionary policy?
400
the value of one currency for the purpose of conversion to another.
What is exchange rates?
500
An economy in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services.
What is market economy?
500
A demand for a product is sensitive to price changes.
What is demand elasticity?
500
A measure of the value of economic output adjusted for price changes
What is real GDP?
500
A banking system in which only a fraction of bank deposits are backed by actual cash-on-hand and are available for withdrawal.
What is fractional reserve banking?
500
The proportion of a loan that is charged as interest to the borrower.