Introductory Economics
Supply and Demand
Measuring the Economy
Fiscal and Monetary Policy
Foreign Exchange Rates
100
This principle forces tradeoffs
What is scarcity
100
The line that is downward sloping
Which line represents demand
100
a measure of the value of economic output adjusted for price changes
What is real gdp?
100
AD
What is the abbreviation of aggregate demand?
100
Money appreciating
What is currency gaining value?
200
When a country can produce more of a certain good than another country
What is absolute advantage
200
The line that is upward sloping
Which line represents supply
200
will include all of the changes in market prices that have occurred during the current year due to inflation or deflation.
What is nominal gdp?
200
is "the interest rate" at which depository institutions actively trade balances held at the Federal Reserve
What is the federal funds rate?
200
Money depreciatiating
What is currency losing value?
300
An economic system characterized by a central authority that makes most of the major economic decisions
What is a command economy
300
On the supply curve an increase in supply will cause a decrease in
What is price?
300
When demand is greater than supply
What is a shortage?
300
The money banks must keep and not loan out
What are required reserves?
300
High interest rates will do what to the demand of money in a country?
What is increase the demand?
400
A country can produce a product more efficiently and has to give up less to produce a good
What is a comparative advantage
400
Movement on the demand curve
Prices cause what on the demand curve?
400
when supply is greater than demand
What is a suplus
400
requires little to no government intervention. It also allows individuals to act according to their own self interest regarding economic decisions
What is classical economics?
400
Yen
What is Japan's currency?
500
Government should not interfere with commerce or trade
What is the philosophy of Laissez-faire
500
Quantity of goods supplied relates directly
What is price related directly with?
500
When supply equals demand
What is equilibrium?
500
is the view that in the short run, especially during recessions, economic output is strongly influenced by aggregate demand
What is Keynesian economics
500
imports decrease and exports increase
When supply of money decreases?
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