What is the economic problem based off the concept of limited quantities of resources and unlimited wants
100
The law of suppy
What is the observation that the higher the price of a good, the more of that good sellers wil make available over a specified time period
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
Fiscal Policy
What is the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy
100
Foreign exchange rate
What is nominal exchange rate prcie of one country's currency in terms of another's
200
opportunity costs
What is the loss of potential gain from other alternatives when one alternative is chosen.
200
Law of demand
What is the inverse relationship between the price of a good and the quantity demanded
200
consumption, investment, government spending and net exports
What are the components of GDP
200
Monetary Policy
What is the actions of a central bank, currency board or other regulatory committee that determine the size and rate of growth of the money supply, which in turn affects interest rates
200
Appreciation
What is an increase in the value of a country's currency compared to the currencies of other countries
300
Comparative advantages
What is the ability of a party to produce a particular good or service at a lower opportunity cost than another
300
Price of related kids, income, number of buyers, tastes and preferences
What are the demand shifters
300
Consumption
What is the biggest component of GDP
300
Classical economics
What is a change in supply will eventually be matched by a change in demand, so that the economy is always moving towards equilibrium
300
Depreciation
What is a decrease in value of a country's currency in comparison to other countries
400
Absolute advantage
What is the ability to produce a product more efficiently than a competitor
400
Technology, taxes and subsidies, resource prices, prices of related goods
What are supply shifters
400
the market value of all the products and services produced in one year by a country
What is gross national product
400
Keynesian economics
What is an economic theory of total spending in the economy and its effects on output and inflation
400
Shifters
What are tastes, interest rates, price level, and income
500
People face tradeoffs
The cost of something is what you give up to get it
Rational people think at the margin
People respond to incentives
Trade can make everyone better off
Markets are usually a good way to organize economic activity
Governments can sometimes improve market outcomes
A country's standard of living depends on its ability to produce goods and services
Prices rise when the government prints too much money
Society faces a short-run tradeoff between Inflation and unemployment.
What is the principles of economics
500
equilibrium
What is the state in which the supply and demand are balanced
500
Nominal GDP
What is a gross domestic product figure that has not been adjusted for inflation
500
The Fed
What is the central bank of the United States, created by the Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system
500
Trade deficit
What is negative net exports and negative net capital outflow