The amount of a product that producers and firms are willing to sell at a given price.
What is Supply?
100
The total value of goods produced and services provided in a country during one year.
What is Gross Domestic Product (GDP)?
100
In macroeconomics, this is the total demand for final goods and services in an economy at a given time.
What is Aggregate Demand?
100
______ laid the foundations of classical free market economic theory. He believed that rational self-interest and competition can lead to economic prosperity.This is known as _______.
What is Adam Smith and Laissez-faire?
200
This is the loss of one gain when you choose another option.
What is Opportunity Cost?
200
Refers to how much (quantity) of a product or service is desired by buyers at various prices.
What is Demand?
200
Consumer Consumption, Investment Spending, Government Spending, Net Exports
What is Included in GDP?
200
It is the total amount of goods and services that firms are willing and able to sell at a given price level in an economy.
What is Aggregate Supply?
200
This is a period of temporary economic decline during which trade and industrial activity are reduced.
What is Recession?
300
When one nation is able to produce goods cheaper than another nation.
What is Absolute Advantage?
300
A direct relationship between price and quantity: quantities respond in the same direction as price changes.
What is Law of Supply?
300
Intermediate Goods, Second Hand Sales, Financial Transactions, Transfer Payments, Goods Outside Border
What is Not Included in GDP?
300
_______ is affected by production costs including taxes, subsidies, price of labor (wages), and the price of raw materials.
What is Aggregate Supply Shifters?
300
A banking system in which only a fraction of bank deposits are backed by actual cash-on-hand and are available for withdrawal. This is done to expand the economy by freeing up capital that can be loaned out to other parties.
What is Fractional Reserve Banking?
400
When one nation is able to specialize in the production of a product with the lowest opportunity cost.
What is Comparative Advantage?
400
A micro-economic law that states, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.
What is Law of Demand?
400
The total value of goods produced and services provided by a country during one year.
What is Gross National Product?
400
Consumer Consumption, Investment Spending, Government Spending, Net Exports
What is Aggregate Demand Shifters?
400
The interest rate at which a depository institution lends funds maintained at the Federal Reserve to another depository institution.
What is Federal Funds Rate?
500
Two Goods, Fixed/Limited Resources, Fixed Technology (Information), Technical Efficiency.
What is the 4 Assumptions of Production Possibilities Curve?
500
The difference in the cost of an asset or security from one period to another.
What is Change in Price?
500
_____ is defined as the market value of all final goods produced in a geographical region, usually a country. That market value depends on the quantities of goods and services produced, and their respective prices.
What is Nominal GDP?
500
One theory suggests that supply creates its own demand. They economy is stimulated when more goods are produced. The other suggests that consumer income causes economic growth and when economic growth is lacking, the government should stimulate demand.
What is Classical vs Keynesian Economics?
500
The portion (expressed as a percent) of depositors' balances banks must have on hand as cash. This is a requirement determined by the country's central bank, which in the U.S. is the Federal Reserve. The _______ affects the money supply in a country.