Currency that a government has declared to be legal tender, but is not backed by a physical commodity.
What is fiat money?
100
The expenditure approach to measuring GDP
What is GDP = C + I + G + Xn?
100
When money flows out of a country due to an economic disaster or drastic situation.
What is capital flight?
100
Developed from the work of John Maynard Keynes and focused on macroeconomics in the short-run, particularly the rigidities caused when prices are fixed
What is Keynsian economics?
100
The best AP macroeconomics teacher in the continental United States who resides and teaches right here in Beeville, Texas
Who is Ms. Thornton?
200
fluctuations in economic activity, such as employment and production
What is the business cycle?
200
The unemployment rate
What is number of unemployed/number in the workforce x 100
200
The total demand for final goods and services in the economy at a given time and price level.
What is aggregate demand?
200
The original form of mainstream economics of the 18th and 19th centuries. Classical economics focuses on the tendency of markets to move to equilibrium and on objective theories of value.
What is Classical economics?
300
the study of how society manages its scarce resources
What is macroeconomics?
300
The real GDP
What is nominal GDP/ GDP deflator x 100
300
The relationship between price levels and the quantity of output that firms are willing to provide.
What is aggregate supply?
300
The dominant form of economics used today and has the highest amount of adherents among economists. It is often referred to by its critics as Orthodox Economics.
What is Neoclassical economics?
400
whatever must be given up to obtain some item
What is opportunity cost?
400
The spending multiplier
What is 1/1-MPC
400
How fast a material asset can be turned into cash.
What is liquidity?
400
Descended from the work of Karl Marx and Friedrich Engels. This school focuses on the labor theory of value and what Marx considered to be the exploitation of labour by capital.
What is Marxism?
500
law of supply and demand the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance
What is supply and demand?
500
Quantity Theory of Money
What is MV = PY
500
When there is a sudden and drastic increase or decrease in a good or service across the entire economy.
What is inflation? What is deflation?
500
Economic policy in Europe during the late Middle Ages and early Renaissance treated economic activity as a good which was to be taxed to raise revenues for the nobility and the church.