Thinking like an economist
This is the name for the idea of when you choose x, you lose y.
What is opportunity cost
these count as money
cash/coins, checkable bank deposits, credit/debit cards
The prices of goods increase rapidly, lowering the monetary value of a dollar
what is inflation
This is known as the key to economic growth
what is Productivity
This is when a country creates tariffs to benefit themselves
what are protectionist tariffs
Each additional unit of something we consume will give us less utility than the previous unit.
Definition of Bond
What is a trade-able loan
Countries should specialize in the production of goods in which they have the ______
What is comparative advantage?
These two countries have displayed extreme economic growth within the past decade
what is china and India
What happens to exports when the value of a currency depreciates
what is exports become cheaper
This economy type is based off of private and public ownership, profit for companies, with high quality and efficient production, and is made for consumers
what is a Market Economy
These are two ways to profit off of a stock
What is 'buy low, sell high' and 'shorting the stock'
This is the formula to measure GDP
What is C+I+G+(X-M)
The government does this to promote long term growth
what is invest in physical or human capital
What is the relationship between price and demand
what is an inverse relationship
https://docs.google.com/document/d/1S0yxqUSzWTYum12ZUDdDul_YJROvA_0qJ4Uit_c1D0I/edit
What does this image represent?
Tragedy of the commons
define "Jump Bond"
what is a bond that is high risk
Countries can do this to their currency to control inflation, but there are some flaws to this such as being unable to raise/lower interest rates
what is a fixed exchange rate
when a key resource's price is raised (such as oil) what would happen to GDP/employment/inflation
what is stagflation
This is when there is an excess of exports rather than imports
what is a trade deficit