The ability of a firm or individual to produce goods and/or services at a lower opportunity cost than other firms or individuals.
What is Comparative Advantage
100
A term used in economics to describe that there has been a change, or shift in, a market's total demand.
What is Demand Shifters
100
The percentage of the total labor force that is unemployed but actively seeking employment and willing to work.
What is Unemployment Rate
100
"the interest rate" at which depository institutions actively trade balances held at the Federal Reserve
What is Federal Funds Rate
100
The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets.
What is Interest Rate
200
A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, labor, etc.).
What is Production Possibilities Curve
200
A change in supply will lead to a shift in the supply curve, which will cause an imbalance in the market that is corrected by changing prices and demand
What is Supply Shifters
200
This measures changes in the price level of a market basket of consumer goods and services purchased by households.
What is Consumer Price Index
200
Where financial instruments with high liquidity and very short maturities are traded
What is Money Market
200
many countries have to ___ oil because they either cannot produce it domestically or cannot produce enough of it to meet demand.
What is Impact
300
An original economic system in which traditions, customs, and beliefs shape the goods and the services the economy produces.
What is Traditional Economy
300
A percentage change is less than a percentage change in price
What is Demand Inelasticity
300
This persists in an efficient, expanding economy when labor and resource markets are in equilibrium.
What is Natural Rate of Unemployment
300
The amount of goods and services produced within an economy at a given overall price level in a given time period
What is Aggregate Supply
300
Most of the largest companies operating in advanced economies will derive a substantial portion of their annual revenues from exports to other countries.
What is Exports
400
a Scottish moral philosopher, pioneer of political economy, and key Scottish Enlightenment figure
What is Adam Smith
400
a measure of how much the quantity demanded will change if another factor changes
What is Demand Elasticity
400
These are Cyclical, Frictional & Structural
What is Types of Unemployment
400
This group meets regularly to set monetary policy, including the interest rates that are charged to banks.
What is Federal Open Market Committee
400
The ordering of alternatives, based on the relative happiness, satisfaction, gratification, enjoyment, or utility they provide, a process which results in an optimal "choice"
What is Preferences
500
describes a system or point of view that opposes regulation or interference by the government in economic affairs beyond the minimum necessary to allow the free enterprise system to operate according to its own laws.
What is Laissez-Faire
500
a movement from one point on a demand curve to another point on the same demand curve.
What is Change in Quantity Demanded
500
The monetary value of all the finished goods and services produced within a country's borders in a specific time period
What is Gross National Product
500
An effect in economics in which an increase in spending produces an increase in national income and consumption greater than the initial amount spent.
What is Multipliers
500
the market in which foreign currency—such as the yen or euro or pound—is traded for domestic currency