The term Scarcity means that these items are scarce or few
What are resources
100
On a Supply and Demand graph, this is represented by a downward sloping line
What is Demand
100
This measures the value of the goods and services produced by the U.S. economy in a given time period
What is GDP
100
Fiscal policy involves changing government spending and this to influence the level of aggregate demand
What is Taxes
100
When a country's currency is described in terms of another country's currency
What is Foreign Exchange Rate
200
A benefit, profit, or value of something that must be given up to acquire or achieve something else. Normally better.
What is Opportunity cost
200
You should never break the rules. This is especially true with this rule that states: As prices rise people are less likely to buy the products for sale
What is the Law of Demand
200
All businesses have these. Sadly GDP is a measure of current production and not these
What are sales
200
Monetary policy can be used to ignite or slow the economy but is controlled by this
what is The Federal reserve
200
Foreign exchange rates help banks build a supply of these, used for importing foreign goods
What are foreign currencies
300
Only 2 goods are produced, fixed resources and technology and technological efficiency
What are the 4 basic assumptions of Production Possibility Curves
300
The point where the Demand and Supply lines intersect is known as this
What is the Equilibrium
300
The sum value of all goods and services produced by permanent residents of a country regardless of their location
What is GNP
300
The Fed has 3 powerful tools in their monetary policy arsenal, but of the 3 this is the most common.
What is Open market operations
300
This term is the name given to making money worth less, in terms of gold
What is Devaluation
400
This type of graph is used to predict where the range of productions could fall in the following quarter
What is Production Possiblity curve
400
The Y-axis of a S & D graph represents this changeable factor.
What is Price
400
Based on the overall cost of fixed goods this measure of GDP is far more precise than per capita.
What is CPI (consumer Price index)
400
Fiscal policy is more effective here than monetary policy
what is the short run
400
These 2 forces establish the foreign exchange rate of currency
What is supply and demand
500
This man is known as the father of modern Economics
Who is Adam Smith
500
The number of people, their fashion tastes and Incomes are just 3 of the 5 kinds of theseg
What is a demand shifter
500
CPI is not a reliable measurement of the economy or GDP because it deals with this type of prices.
What is Fixed
500
Using monetary policy the Fed was attempting to create this type of enviornment
What is an Easy money enviornment
500
the type of exchange rate keeps the rate at which currencies are exchanged constant throughout the years