the state of being scarce or in short supply; shortage.
What is scarcity
100
make (something needed or wanted) available to someone; provide
What is 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
do nothing to fix the economy
What is classical economics
100
a general increase in prices and fall in the purchasing value of money.
What is inflation
200
the loss of potential gain from other alternatives when one alternative is chosen.
What is opportunity cost
200
a consumer's desire and willingness to pay a price for a specific good or service.
What is Demand
200
s the market value of all the products and services produced in one year by labor and property supplied by the citizens of a country.
What is Gross National product
200
active government to solve recession
What is Keynesian economics
200
foreign currency that is bought and sold in the foreign exchange market.
What is foreign exchange
300
the ability of an individual or group to carry out a particular economic activity (such as lower opportunity cost) more efficiently than another activity.
What is comparative advantage
300
all else equal, an increase in price results in an increase in quantity supplied.
What is Law of supply
300
a measurement of the total economic output of a country divided by the number of people and adjusted for inflation.
What is real GDP per Capita
300
consumption, gov spending, net exports, investment
What is AD shifters
300
when the price of one county's currency is described in terms of another country's currency
What is foreign exchange rate
400
the ability of a party (an individual, or firm, or country) to produce more number of a good product or service than competitors, using the same amount of resources.
What is absolute advantage
400
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
real values are adjusted for inflation, while nominal values are not
What is real GDP v Nominal GDP
400
size and quality of labor, technological innovations, increase in wages, increase in production costs, changes in producer taxes and subsidies, and changes in inflation.
What are AS shifters
400
a system under which the price of one currency is fixed in terms of another so that the rate does not change
What is fixed exchange rates
500
scarcity forces tradeoff, Thinking at the margin, cost verses benefits,incentives matter ,trade makes people better off
markets coordinate trade and future consequences count
What is the 7 principles of economics
500
change in supply by new technologies and other factors.
What is supply shifters
500
frictional and cynical unemployment
What are the best and worst type of unemployment
500
gov spending, taxes and busness tax
What is fiscal policy
500
currencies on the future market to protect against changing exchange rates.