A producer's ability to produce more products at a cheaper, and faster rate than its competitors.
What is comparative Advantage
100
There is a direct relationship between price and quantity, quantities respond in the same direction as price changes.
What is Law Of Supply
100
The monetary value of all the finished goods and services produced within a country's borders in a specific time period
What is GDP
100
The act of letting the economy solve its own problems
What is Classical Economics?
100
Define Aggregate Supply
What is the total supply of goods and services that firms in a national economy plan on selling during a specific time period?
200
An economy in which production, investment, prices, and incomes are determined centrally by a government.
What is Command Economy
200
All other factors being equal, as the price of a good or service increases
What is Law Of Demand
200
Gross national includes....
What are the income earned by citizens, the price to manufacturing of tangible goods, provision of services?
200
The act of helping the economy bounce back or decline to full employment
What is Keynesian Economics?
200
Central banking system of the United States
What is Federal Reserve
300
A limited quantity of a particular product that under official controls can be produced, exported, or imported.
What is Quota
300
Measuring how the quantity demanded will change if another factor changes.
What is Demand Elasticity?
300
Who benefits the most by inflation?
Who are fixed-rate mortgage holders, auto-loaners, investors in stocks.
300
The act of lowering taxes on corporations, government can stimulate investment in industry and thereby raise production
What is Supply Side Economics
300
Selling Bonds is a part of what policy?
What is Contractionary Policy?
400
This man wrote the book the "Wealth Of Nations"
Who is Adam Smith
400
When the price goes up, consumers’ buying habits stay about the same, and when the price goes down, consumers’ buying habits also remain unchanged.
What is Demand Inelasticity
400
A measure of the total output of a country that takes the gross domestic product (GDP) and divides it by the number of people in the country.
What is Per Capita GDP
400
These are the two stabilizers for Fiscal policy
What is Automatic and Discretionary?
400
Buying Bonds is a part of what Policy?
What is Expansionary Policy
500
Decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.
What is Market Economy
500
When you predict how much of a product consumers will buy?
What is Marginal Utility
500
Number of unemployed persons / labor force
What is Calculating the unemployment rate?
500
Factors for a long run aggregate supply curve
What is high unemployment, capital, and technology?
500
A committee that meets regularly to set monetary policy, including the interest rates that are charged to banks.