Economics 1
Refers to the economic problem of having limited resources with unlimited wants
Scarcity
Main element of market economy
Competition
The term describes an increase in the level of prices of the goods and services that households buy
Infilation
Supply-side economics cannot impact ______ policy.
Monetary
Keynesian Economics is also known as what?
Demand-Side Economics
In this type of competition, we still have many sellers. Now, however, they don’t sell identical products. Instead, they sell differentiated products—products that differ somewhat, or are perceived to differ, even though they serve a similar purpose.
Monopolistic competition
"GDP=Total National Income +Sales Taxes+Depreciation +Net Foreign Factor Income".
What is this type GDP calculating method called
Income approach
A period in time defined by a fall in GDP
Recession or depression
The amount of goods and services produced by workers or businesses in a period of time?
Productivity
... is an economic practice by which governments used their economies to augment state power at the expense of other countries.
Mercantilism
"The study of how individuals, governments and business make choices about allocating scare resources" this is definiton of...
Economics
If there is a dominant centralized authority – usually the government – that controls a significant portion of the economic structure this type of system called
Planned or command economic system
What can we find from this formula "GDP adjusted for inflation"
Real GDP
This is what you have left over after all your expenses have been paid in a venture.
Profit
An economic system based on past beliefs and ways of doing things that determine what goods and services should be produced and who should get them.
What is a Traditional Economic System?
This type of unemployment happens when a worker decides to leave a job because it is no longer financially compelling. An example is a worker whose take-home pay is less than his or her cost of living.
Voluntary unemployment
A system that protects private property and allows a level of economic freedom, but also allows for governments to interfere in economic activities in order to achieve social aims.
Mixed market economy
What will happen when prices go down and begin a vicious cycle of producers making less and people buying less.
Deflation
This is a way to measure how well the needs and wants of citizens are bing met by an economic system?
Standard of Living
People are free to own property, businesses are run by individuals, people have freedom of choice and are free to compete are an example of...
Market economy
How is the unemployment rate in Uzbekistan as of January 1, 2022?
9.6 %
A prime feature of supply-side economics is....
Lowering Tax Rates!
Deregulating markets!
Uzbekistan's GDP per capita in 2022 is projected at
$ 2.1 thousand
What are Natural resources, Labor, Capital, Entrepeneurs?
The factors of production
The additional or extra opportunity cost associated with each increase of one unit of sales.
Mariginal cost