Limited Resources and Unemployment
This is the economic problem of having unlimited wants but limited resources.
What is Scarcity?
This term refers to the amount of a good or service that consumers are willing and able to purchase at a given price.
What is Demand?
This policy involves government spending and taxation to influence the economy.
What is Fiscal Policy?
The ability of a country to produce a good at a lower opportunity cost than others.
What is Comparative Advantage?
This is the increase in a country's total output of goods and services over time.
What is Economic Growth?
This term describes the value of the best alternative forgone when making a decision? (Forgone: "omit or decline to take (something pleasant or valuable); go without.")
What is Opportunity Cost?
The point at which the quantity demanded equals the quantity supplied?
What is Equilibrium?
This is the government agency that regulates the money supply in the U.S.
What is the Federal Reserve?
This is the term for focusing resources on the production of specific goods or services to improve efficiency.
What is Specialization?
The investment in this type of capital, such as education and training, increases worker productivity.
What is Human Capital?
If a Walmart cashier becomes unemployed due to the installation of self-checkout lanes, what type of unemployment is occurring?
What is Structural?
This is the economic term for the amount of a product that producers are willing to sell at various prices?
What is Supply?
This term describes a situation where the government spends more than it collects in revenue.
What is a Budget Deficit?
This type of trade occurs when countries exchange goods and services without restrictions.
What is Free Trade?
This is the process by which a country improves the economic well being of its people.
What is Economic Development?
I am a type of unemployment, where unemployment typically rises during recessions and declines during economic expansions. What am I?
What is Cyclical?
When a price ceiling is set below equilibrium, it often leads to this?
What is a Shortage?
This type of policy is used to manage inflation and unemployment by adjusting interest rates and money supply.
What is Monetary Policy?
Organizations like the WTO aim to reduce these economic barriers to international trade.
What is Tariffs?
This term refers to the value of all goods and services produced within a country's borders, adjusted for inflation.
What is Real GDP?
This scenario describes a situation where resources are not allocated efficiently, leading to lost potential value.
What is Market Failure?
The responsiveness of demand or supply to a change in price is measured by this concept?
What is Elasticity?
Programs like Social Security and Medicare are examples of this type of government spending.
What is Mandatory Spending?
The economic theory that countries should produce and export goods they can produce most efficiently.
What is the Theory of Comparative Advantage?
This is a measure of how much output is produced per unit of input, such as labor or capital.
What is Productivity?