What is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.
100
Law of Supply
What it when there is a direct relationship between the price and quantity supplied
100
Measures the total quantity produced in a country in a given period of time.
What is Gross Domestic Product (GDP)
100
Demand for everything added all together. Downward sloping. C+I+G+Xn
What is Aggregate Demand?
100
An increase in the value of an asset over time.
What is appreciation?
200
Opportunity Costs
What is the loss of potential gain from other alternatives when one alternative is chosen.
200
1. Taste/ Prefrences
2. Number of Consumers
3. Price of Related Good
4. Income
5. Expectations
What are the Demand Shifters
200
Per Person
What is per capita
200
Involves controlling the expansion and/or contraction of the money supply to influence the coast and availability of credit.
What is Monetary Policy?
200
Where national currencies can be exchanged
What is Foreign Exchange Market
300
Absolute Advantage
What is whoever can produce the most goods and services.
300
Equilibrium
What is where supply and demand meet
300
Frictional, Structural, Cyclical, Technological, and Seasonal.
What are the types of unemployment?
300
Classical economics naturally fixes itself and Keynesian is active government involvement to solve economic problems.
What is the difference between classical and Keynesian economics?
300
The rate at which the currency of one nation is exchanged for the currency of another
What is exchange rate
400
Land, Labor, Capital, & Entrepreneurship
What are the Factors of Production?
400
As you continue to consume a given product, you will eventually get less addition utility (satisfaction) from each unit you consume.
What is Marginal Utility
400
An increase in the overall level of prices.
What is inflation?
400
regulates the U.S. monetary and financial system.
What is the Federal Reserve
400
1. Consumer Taste and Preferences
2. National Income
3. Inflation
4. Political and Economical Stability
5. Interest Rates
What are the Foreign Exchange Currency Scenarios?
500
Command Economy
What is an economy in which production, investment, prices, and incomes are determined centrally by a government.
500
Demand whose percentage change is less than a percentage change in price.
What is Inelasticity
500
The main difference is that real values are adjusted for the inflation, while nominal values are not. Nominal GDP will often appear higher than real GDP.
What is the difference between Real GDP and Nominal GDP?
500
Required Reserve Ratio, Open Market Operations and Discount Rate
What are 3 tools of Federal Reserve?
500
An increase in U.S. interest rates relative to the rest of the world can be expected to ____.
What is Increase the international value of the dollar