The benefits you could have received by taking an alternative action.
What is Opportunity Cost
100
Number of Sellers, Technology, Resource Prices: and Prices of Other Goods are examples of this
What are Supply Shifters
100
C + G + I + NX =
What is GDP
100
The total demand for final goods and services in an economy at a given time.
What is Aggregate Demand
100
A sustained increase in the general price level of goods and services in an economy over a period of time.
What is Inflation
200
Refers to the ability of a party to produce more number of a good product or service than competitors, using the same amount of resources.
What is Absolute Advantage
200
Number of buyers and price of related goods are examples of this.
What are Demand Shifters
200
The market value of all the products and services produced in one year by labour and property supplied by the citizens of a country.
What is Gross National Product
200
The view that in the short run, especially during recessions, economic output is strongly influenced by aggregate demand.
What is Keynesian Economics
200
One of his least repeated statements warned that a group of capitalists rarely gather together under one roof without the talk turning towards collusion against the public.
Who is Adam Smith.
300
Land, Labor, Capital and _______
What is Entrepreneurship
300
A state where economic forces such as supply and demand are balanced and in the absence of external influences
What is Equilibrium
300
GDP + Net income inflow from abroad - Net income outflow to foreign countries =
What is GNP
300
Fiscal policy is the means by which a government adjusts its spending levels and _____ to monitor and influence a nation's economy.
What are Tax Rates
300
This curve is one possible representation of the relationship between rates of taxation and the hypothetical resulting levels of government revenue.
What is a Laffer Curve
400
A social system based on the principle of individual rights
What is Capitalism
400
When a manufacturer anticipates a high demand for a product that it produces and makes more than it sells during that time period, it can have a _____ inventory.
What is a Surplus
400
A measure of the total output of a country that takes the GDP and divides it by the number of people in the country.
What is Real GDP per capita
400
The practice whereby a bank holds reserves that are a fraction of the amount of its liabilities attributable to customer deposits.
What is a Fractional-reserve Banking
400
Statement of inter-relationships among economic factors that explains what may cause what, or what may happen under certain circumstances. Also called economic law.
What is Economic Principle
500
An economic system in which resources are allocated by inheritance, and which has a strong social network and is based on indigenous technology and methods.
What is Traditional Economy
500
The additional satisfaction a consumer gains from consuming one more unit of a good or service.
What is Marginal Utility
500
A rise in per capita GDP signals _____ in the economy
What is growth
500
The higher the federal funds rate, the more expensive it is to _____.
What is borrowing money
500
In such a system, determining the proportion of total product used for investment rather than consumption becomes a centrally made political decision.