Economic Concepts
Vocabulary
Vocabulary 2
Banking
Other
100
The idea that there are limited quantities of resources to meet unlimited wants.
What is scarcity?
100
An economic side effect of a good or serive that generates benefits or costs to someone other than the person deciding how much to produce or consume.
What is externatilty?
100
anything that serves as a store of value, medium of exchange, and unit of account.
What is money?
100
The chairman of the Federal Reserve
Who is Ben Bernake?
100
Identical Producats, Many buyers and sellers, few barriers to entry, well informed
What are the characteritics of Perfect Competition?
200
Land, Labor and Capital (Human and Physical)
What are the factors of production?
200
an economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services.
What is a traditional economy?
200
a way to attract customer through style, service, or location, but not a lower price.
What is non-price competition?
200
Ensures security for loans, Deals in foreign exchange, issues and processes credit cards
What is a commerical bank?
200
The four largest firms produce 70-80% of the markets output
What is an oligopoly?
300
This book, written by John Maynard Keynes helped define Macroeconomics.
What is The General Theory of Employment, Interest and Money?
300
This type of GDP is the "cash register" GDP, where GDP is calculated at current prices.
What is nominal GDP?
300
a government agency that provides economic data to Congress
What is the Congressional Budget Office?
300
an independent agency of the government that regulates financial markets and investment companies.
What is Securities and Exchange Commission?
300
government office that manages the federal budget
What is the Office of management and Budget (OMB)?
400
Economic theory that states markets should be allowed to regulate themselves.
What is Classical Economics?
400
an agreement amoung firms to divide the market, set prices or limit producation
What is collusion?
400
a bank that belongs to the federal reserve system
What is a member bank?
400
monetary policy that increases the money supply
What is easy money policy?
400
a school of economics that believes government sprending and tax cuts help an economy by raising demand.
What is demand-side economics?
500
the idea that a nation is better off when it produces goods and services for which it has a comparative advantage
What is the law of comparative advantage?
500
a low denomination bond issued by the US government
What is a savings bond?
500
a worldwide organization whose goal is freer global trade and lower tariffs
What is the World Trade Organization?
500
Form of Demand side economics that encourages government action to increase or decrease demand and output
What is Keynesian economics?
500
index that reprsents the prices of 500 different stocks
What is the S&P 500?
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