What is Macroeconomics
What is Supply or Demand
What is Prices
What is Government revenue and spending
What is Economics
100
What is GDP?
What is Gross Domestic Product?
100
What is demand
What is Combination of desire, ability, and willingness to buy a product.
100
What is a price ceiling
What is Maximum legal price that can be charged for a product can create a shortage
100
What kind of tax is Sales Tax
What is Regressive tax
100
What are trade-offs
What is Alternatives that must be given up when one chosen rather than another.
200
What does C+I+G+Xn (net exports) means
What is Consumption+ Investment+ Government Expenditures+(Net exports) ; (Exports-Imports)
200
What is supply
What is Schedule of quantities offered for sale at all possible prices in a market
200
What is a Surplus
What is Situation where quantity supplied equals quantity demanded at a given price
200
What kind of tax is an Income tax
What is Progressive
200
What opportunity costs
What is Cost of the next best alternative use of money, time, or resources when one choice is made rather then another.
300
What is unemployment and how do you calculate the unemployment rate?
What is The total number of people who are over 16 that are not currently employed but are looking for work. Ratio of unemployed individuals divided by the total number of persons in the civilian labor force, expressed as a percentage
300
What is the law of demand
What is Rule stating that more will be demanded at lower prices and less prices and less at higher Prices; inverse relationship between price and quantity demanded
300
What is a shortage
What is Situation where quantity supplied is less than quantity demanded at a given price
300
What is a Budget deficit
What is Government spending exceeds tax revenue in a year.
300
What are the factors of production
What is Capital, Entrepreneurs, Land, and Labor
400
What are the effects of inflation?
What is The dollar buys less, spending habits change, speculation increases, and the distribution of income is altered.
400
What is law of supply
What is Rule stating that more will be offered for sale at high prices than at lower prices
400
What is a price floor
What is Minimum price Lowest legal price that can be charged for a product can create a surplus
400
How is national debt different from a budget defict
What is National debt is debt over all time; a budget deficit is only for one year and gets added to the national debt.
400
How do you gain from trade
What is By exchanging in voluntary trade to increase your satisfaction/surplus level by obtaining more desirable goods and service.
500
What are the three or four Types of unemployment?
What is Frictional (Workers between jobs), Structural (Change in the economy reduces the demand for workers and their skills), Cyclical (related to changes in the business cycle), and Seasonal (results from changes in the weather or time period).
500
What are non-price determining factors for Supply and Demand
What is Supply: C "Cost of production" E "Future Expectations" P" Price of other products" G "Government Inervention (Taxes and Subsidies )" N" Number of seller" T "Technology" Demand: I" Income" N " Number of consumers/size of population" S "Substitutes" E ' Future expectations" C " Complements" T "Tastes and preferences"
500
What are price controls
What is Government implemented prices set above or below equilibrium to help consumers or producers
500
What are different types of taxes
What is Proportional: Tax in which percentage of income paid in tax is the same regardless of the level of income; Progressive: Tax where percentage of income paid in tax rises as level of income rises; Regressive: Tax where percentage of income paid in tax goes down as income rises
500
Who was Adam Smith
What is Wrote the Wealth of Nations in 1776; father of classical economics; famous metaphor was the "invisible hand".
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