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The study of people and choices
What is economics?
When the government increases taxes on individuals or businesses they are exercising which of the following? Monetary or Fiscal Policy?
Fiscal Policy
List the 4 Factors of Production
Land, Labor, Capital Entrepreneurship
The ____________ is when a recession in one industry leads to a recession in other industries.
Ripple Effect
This form of government lacks market competition.
Command Economy/Communism
When the quantity supplied is greater than the quantity demanded what is created?
Surplus
What is the basic economic problem?
Resources are limited - consumer wants and needs are unlimited.
Snickers Bar - Elastic or Inelastic?
Elastic
When demand and supply meet, the price of the product is established. This is the point of...
Equilibrium
This is a type of unemployment that occurs when a downturn in the business cycle reduces the demand for labor throughout the economy
Cyclical Unemployment
Form of inflation triggered by increases in production costs, such as expenses for materials and wages.
Cost-Push Inflation
What are the 3 goals of macroeconomics
Economic Growth, Full Employment, Price Stability
What is the primary goal of expansionary monetary policy?
A) To decrease the money supply and raise interest rates
B) To reduce inflation by increasing the money supply
C) To stimulate economic growth by increasing the money supply
D) To reduce government debt
C) To stimulate economic growth by increasing the money supply