the state of being scarce or in short supply; shortage.
What is scarcity?
100
A micro-economic law that states, 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?
100
the total value of goods produced and services provided in a country during one year.
What is the definition of gross domestic product GDP?
100
Resource Cost, Environment, and Productivity.
What are AS shifters
100
bring goods or services into a country from abroad for sale.
What are imports?
200
the loss of potential gain from other alternatives when one alternative is chosen.
What is opportunity cost?
200
a state in which opposing forces or influences are balanced
What is equilibrium?
200
the total value of goods produced and services provided by a country during one year, equal to the gross domestic product plus the net income from foreign investments.
What is the definition for gross national product?
200
Consumption, Investment, Government spending, and net exports
What is AD shifters
200
send goods or services to another country for sale.
What are exports?
300
the ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.
What is absolute advantage?
300
a fundamental principle of economic theory which states that, all else equal, an increase in price results in an increase in quantity supplied.
What is law of supply?
300
A measure of the total output of a country that takes the gross domestic product (GDP) and divides it by the number of people in the country.
What is real GDP per capita?
300
A macroeconomic policy that seeks to expand the money supply to encourage economic growth or combat inflation
What is expansionary monetary policy
300
measured by utility, of various bundles of goods. They permit the consumer to rank these bundles of goods according to the levels of utility they give the consumer.
What are tastes and preferences?
400
is an economic law that demonstrates the ways in which protectionism is unnecessary in free trade.
What is comparative advantage?
400
occurs when there is excess demand- that is quantity demanded is greater than quantity supplied.
What is a shortage?
400
Cyclical, Frictional & Structural unemployment
What are types of unemployment?
400
A type of policy that is used as a macroeconomic tool by the country's central bank or finance ministry to slow down an economy
What is Contractionary monetary policy?
500
include land, labor, capital and entrepreneurship
What are the factors of production?
500
an excess of production or supply over demand.
What is a surplus?
500
is a sustained increase in the general price level of goods and services in an economy over a period of time
What is inflation?
500
meets eight times per year to set key interest rates, such as the discount rate, and to decide whether to increase or decrease the money supply,