the state of being scarce or in short supply; shortage.
What is scarcity
100
There is a direct relationship between price and quantity supplied
What is law of supply
100
The monetary value of all the finished goods and services produced within a country's borders in a specific time period
What is GDP
100
The economy needs Government aid to fix it
What is keynesian economics
200
to produce goods and/or services at a lower opportunity cost than another
What is comparative advantage
200
a change in price is shown on a by _____ curve
What is moving along the curve
200
5% of unemployment
What is natural rate of unemployment
200
LRAS is to the right on a aggregate demand/supply graph
What is a recession
200
imports exceed exports
What is a trade deficit
300
land, labor, capital and entrepreneurship encompass all of the inputs needed to produce a good or service.
What is Factors of production
300
Government actions such as taxes and subsides would shift the ___ curve
What is supply curve
300
market item for the year your looking for divided by market items base year. then multiplied by 100
What is the CPI equation
300
these laws automatically increase government spending
and/or decreases taxes when the economy is slow
What is non-discretionary policy
300
a decrease in the value of one countries currency relative to another currency
What is depreciation
400
This type of economy often operates in 3rd world countries and is based on agriculture, fishing, hunting, and gathering. It may also use barter instead of money.
What is tradition economy
400
measure of how much the quantity demanded will change if another factor changes
What is Demand Elasticity
400
Intermediate goods, non-reproduction transactions, and
_________ are not counted in GDP
What is non-market activities
400
The interest rate other banks charge each other usually over night
What is federal funds rate
400
the value of a countries currency changes based on the market forces
What is floating exchange rate
500
a policy or attitude of letting things take their own course, without interfering.
what is laissez-faire
500
When the price falls bellow equilibrium
What is a shortage
500
The result of a recession or drop in the business cycle
What is cyclical unemployment
500
tools of the federal reserve to expand the economy
What is buy bonds, lower discount rates, lower the required reserve ratio
500
tracks the difference between a countries total exports and total imports (including goods,services, and transfers)