The seeming unlimited wants of humanity while only having a limited amount of something.
What is Scarcity?
100
The total amount of a specific good or service that is available to consumers.
What is the definition of supply?
100
The Gross Domestic Product of a country
What is GDP
100
The total demand for final goods and services in an economy at a given time. It specifies the amounts of goods and services that will be purchased at all possible price levels.
What is Aggregate Demand?
100
The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling.
What is Inflation
200
The benefits you could receive by taking an alternative path.
What is Opportunity Cost?
200
A consumer's desire and willingness to pay a price for a specific good or service.
What is the definition of Demand?
200
The Gross National Product of A country
What is the GNP
200
Is the total supply of goods and services that firms in a national economy plan on selling during a specific time period. It is the total amount of goods and services that firms are willing and able to sell at a given price level in an economy.
What is Aggregate Supply?
200
set of assumptions related to ordering some alternatives, based on the degree of happiness, satisfaction, gratification, enjoyment, or utility they provide,
What is Tastes & Preferences?
300
The ability of an individual or economic group to carry out a task more efficiently than another group or individual.
What is Absolute Advantage?
300
The point where supply equals demand for a product.
What is Equilibrium?
300
The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling
What is the definition of inflation?
300
An increase in government expenditures and/or a decrease in taxes that causes the government's budget deficit to increase or its budget surplus to decrease.
What is Expansionary Fiscal Policy?
300
What is traded on the foreign exchange market?
What is foreign currency
400
countries should specialize in a certain class of products for export, but import the rest even if the country holds an absolute advantage in all products.
What is Comparative Advantage?
400
A rise in income, a rise in the price of a substitute or a fall in the price of a complement.
What are Demand Shifters?
400
when a person who is actively searching for employment is unable to find work.often used as a measure of the health of the economy.
What is the definition of unemployment?
400
Enacted by a government to reduce the money supply and ultimately the spending in a country.
What is Contractionary Fiscal Policy?
400
The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets.
What is Interest Rates?
500
(1) resources are used to produce one or both of only two goods, (2) the quantities of the resources do not change, (3) technology and production techniques do not change, and (4) resources are used in a technically efficient way.
What is the production possibilities curve?
500
If the market price is above the equilibrium price, quantity supplied is greater than quantity demanded.
What are Shortages and Surpluses?
500
Consumption, Investment, Gov Spending, Net Exports
What are the factors of GDP?
500
Economic policies and programs that are designed to offset fluctuations in a nation's economic activity without intervention by the government or policymakers.