Unit 6 Intro &S&D
The point at which supply and demand meet is known as what?
Market Equilibrium
Everyone paying the same rate of tax is known as what?
A flat tax!
Trade without any barriers, tariffs, or sanctions is known as __________.
What is Free Trade!
Inflation is defined by __________.
Prices going up!
A 401k and IRA are examples of _______.
Retirement Accounts
The next best alternative is what?
The Opportunity Cost!
When the private costs of my behavior are different from the social costs this is known as a(n) __________.
What is Externality?
The ability to produce goods at a lower opportunity cost is called__________.
Comparative Advantage
High UE and High Inflation is known as ______.
STAGFLATION!
What is the longest US Government Bond called?
T-Bond!
Economists assume that actions are explained by your attempt to do what?
Maximize your utility!
The delicious smell that enters people’s homes who live across the street from a bakery are experiencing a __________.
Positive Externality!
If a country is better at making something I know that they have a(n) __________.
Absolute Advantage
The Fed can implement _______ policy, to help the economy.
What is monetary?
If I want to see how well the top couple hundred companies are doing I'd likely look at the _______.
What is the S&P 500?
Economics assumes that we live in a world of________.
What is scarcity?
Herman Cain’s 999 plan would have likely acted as a __________ tax.
What is Regressive?
NAFTA stands for what?
North
American
Free
Trade
Agreement
What can the Fed do during a period of High Inflation?
They can raise interest rates!!!!
Stocks deal with equity whereas Banks and Bonds are _______ instruments.
What is debt!
The value of the first sip of lemonade on a hot summer day compared to the last sip represents what economic concept?
What is Diminishing Marginal Utility?
What is the guiding force of the market?
The Invisible Hand!
The amount of money a company makes before expenses is known as ________.
Revenue
During periods of recession _____ fiscal policy is reinforced with _______ monetary policy.
Expansionary, Expansionary
When a stock goes from a private company to a public company it issues a(n) _________.
IPO
or Initial Public Offering!!!!!