Microeconomics
Restricts trade with international partners.
What is a closed economy?
Studies the behavior and performance of an entire economy rather than individual markets
Macroeconomics
The business practice of hiring workers in another country
What is Outsourcing?
A tax placed on an import to increase its value in the domestic market
What is a tariff?
Belief that if 1 nation went communist, others would too
The Domino Theory
The idea that all resources are limited.
What is scarcity?
The highest point of the business cycle.
What is the peak?
When a country is more efficient at producing something.
What is absolute advantage?
Claim tariffs and quotas are good
What are protectionists?
Occurs when prices rise extremely quickly.
What is hyperinflation?
Exists when there are a few producers that dominate a marketplace.
A measure of the total value of goods & services produced in a country (regardless of who produces them)
What is GDP?
When a country is more efficient at producing one thing compared to another.
What is comparative advantage?
Trend toward a world that is more interconnected by technology, trade, and travel.
What is globalization?
A combination of command and pure market economies.
What is a mixed market economy?
DAILY DOUBLE!!!!
With this type of supply the amount produced changes greatly when the price changes
What is elastic supply?
An example of something that GDP is not.
What is........(answers will vary)
Practice off manipulating the boundaries of electoral districts to favor a particular political party or group.
What is gerrymandering?
Believed in Laissez-Faire Economics
Who is Adam Smith?
The price at which producers are willing to make the same amount of product the consumer demands.
What is Equilibrium Price, Equilibrium, or Market Price?
-You can just put one for credit :)
When demand goes up, the curve shifts to the _______.
What is the right?
Measures monthly charges in the costs of goods and services, and is usually in terms of "cost of living"
What is CPI or Consumer Price Index?
Difference between Pres Johnson’s claims of winning & what was really happening
What is the Credibility Gap?
Decline of the price of goods & services
What is deflation?
The Law of Supply and Demand is also known as
What is the "invisible hand"?