Introductory Economics
Supply and Demand
Measuring the Economy
Fiscal and Monetary Policy
Foreign Exchange Rates
100
This 18th century philosopher ushered in new and revolutionary ideas about the role of government in an economy
Who is Adam Smith
100
On a supply and demand graph, the point at which the supply curve meets the demand curve is known as this.
What is equilibrium
100
This economic measurement is the annual census of all goods produced by a country.
What is gross domestic product
100
This economic way of thinking favors immediate government action over an economies slow but automatic manner of correcting itself
What are Keynesian economics
100
This economic term is used to describe generally an increase in the value of currency
What is appreciation
200
Labor, Capital, Land, and Entrepreneurship are all examples of these
What are factors of production
200
An economic influence that alters the average consumer's desire for a good or service is known as one of these
What are demand shifters
200
This term refers to an increase in the price of goods and services and a decrease in the value of currency
What is inflation
200
The buying and selling of bonds falls under this classification of economic activity.
What is open market operation
200
The income levels in an economy are one of these four factors on a Foreign Exchange Graph
What is a shifter
300
a person or group of people who can produce a good more efficiently than a particular competitor else is said to have this economic principle.
What is comparative advantage
300
On a supply and demand graph, this measurement forms an upward slope
What is supply
300
The variations in prices paid by consumers are cataloged within this economic measurement
What is consumer price index
300
Persons who prefer this branch of economic theory will likely avoid disturbing the demand level of an economy.
What is supply side economics
300
When one of two currencies being compared increases in value, this will usually happen to the value of the other currency.
What is decrease
400
a person or group of persons who can produce or carry out an activity more efficiently than all others is said to have this economic principle
What is absolute advantage
400
This economic law states that as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase.
What is the law of supply
400
Mosts economists would agree that this economic measurement is most ideally kept at 5%
What is the unemployment rate
400
This theoretical economic device suggests that there is always an optimum tax rate to fit an economies needs
What is the laffer curve
400
This more precise term, which happens to be a demand shifter, explains the overall consumer demand associated with a currency.
What are tastes and preferences
500
This French terms refers to a more lenient approach in regards to government intervention in an economy
What is Laissez-faire
500
This economic principle refers to the phenomenon wherein the positive effect of a demanded object or activity decreases with each successive usage.
What is Diminishing Marginal Utility
500
Frictional and Technological are two examples of this economic status.
What is unemployment
500
This method of banking aims to ensure a healthy supply of money throughout an economy.
What is fractional reserve banking.
500
The vertical portion of the Foreign Exchange Graph is labeled with this method of comparing two numbers.
What is a fraction
M
e
n
u