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Introductory Economics
Supply and Demand
Measuring the Economy
Fiscal & Monetary Policy
Foreign Exchange Rates
100
Lacking or having little of something.
What is scarcity?
100
Amount Of a specific good/service available.
What is Supply?
100
The total amount of all goods and services within a time period.
What is Gross Domestic Product(GDP)?
100
The economy will eventually fix itself.
What is Classical Economics?
100
An increase in the value of currency.
What is Appreciation?
200
The loss of a potential gain when an alternative is chosen over another.
What is Opportunity Cost?
200
A consumers desire/willingness to pay for a product.
What is Demand?
200
The market value of goods/services in one year.
What is Gross National Product(GNP)?
200
The Government steps in, spends and it will help bring up the economy.
What is Keynesian Economics?
200
When a consumer likes or dislikes a good/service at the time.
What is Tastes and Preferences?
300
When a producer can put out a product more efficiently than other producers.
What is Comparative Advantage?
300
If the price of a good/service goes up then the quantity will increase. If the price decreases then the quantity will decrease.
What is Law of Supply?
300
Net exports, Government expenditures, Consumer expenditures and Investment expenditures are all included in?
What is Included in GDP?
300
To "open" up the economy and the government to spend more.
What is Expansionary Fiscal Policy?
300
Extra money owed when a loan is taken out that builds up over time.
What is an Interest rate?
400
A limited or fixed amount of people/things.
What is a Quota?
400
If the price falls for a good/service then the want for it rises, If the price rises then the want for it drops.
What is Law of Demand?
400
The price of making a product.
What is Exluded in GNP?
400
Raise taxes, decrease money supply/spending.
What is Contractionary Fiscal Policy?
400
The rate where one currency is exchanged for another.
What is Foreign Exchange Rate?
500
An individual/group of people can produce more product using the same amount of resources.
What is Absolute Advantage?
500
When a substitute to a product becomes more demanded from a rise in price of the original good.
What is Price of Related Goods?
500
A measure of the economic output adjusted for price changes.
What is Real GDP?
500
The amount spent is equal to the amount gained.
What is a Balanced Budget?
500
Domestic currency and foreign currency.
What is base currency and counter currency?