Change in income
Change in Population Composition (lot's of old people = needs to be met)
Changes in Taste
Change in Future Expectations (future weather disaster)
Change in Prices of Related Goods
What is causes that shift the demand curve.
100
Father of Free Trade, involved in comparative advantage which has effected international affairs
Who is David Ricardo
100
What is GDP?
C+I+G+(X-M)or trade balance= GDP
100
When the number of exports and imports are similar in value for a country
What is Trade Balance
100
government polices to reduce or block imports
What is Protectionism?
200
When Price Increases Demand Decreases.
When Price Decreases Demand Increases.
What is the Law of Demand.
200
Father of Economics
Who is Adam Smith
200
Investment- money put into the economy by businesses and FDI (typically 15-20% of GDP)
What is I
200
whatever you must give up to obtain something desired
What is Opportunity Cost?
200
Tariffs, imports quotas, and non tariff barriers
What are the three main forms of Protectionism?
300
When Price increases and quantity increases.
When Price Decreases and quantity decreases.
What is the law of Supply.
300
Economist influenced during the great Depression and centered his beliefs off of the idea that the government should spend when in need to help the economy. Believe's in aggregate demand (short term) because in the long run were all dead anyway.
Who is John Maynard Keynes
300
Consumption- by households is the largest component of GDP (about 2/3 of GDP/yr)
Change in natural conditions
Price of key input to production changes
New technology
Government policy
What is Factors that shift the supply curve.
400
__________Founded the Austrian School of economics. Believed in no government involvement during times of need believing the economy will fix itself. The Neoclassical perspective is based off of his ideas and they favor the law of aggregate supply. Influenced Margaret thatcher and his follower _______ founded the Chicago school and influenced Ronald Regan's policies.
who is Friedrick Van Hayek and Milton Friedman
400
Government- collects 1/3 of the GDP in taxes (is about 20% of GDP)
What is G
400
Dictating international affairs and trade ________ advantage is when one country has a better opportunity cost between two goods or has the greatest advantage / lowest disadvantage when producing a good when compared to another country. where as ________ advantage is when that country has overall productivity advantage in a good when compared to another country.
What is Comparative and absolute advantage.
400
numerical limitations on the quality of products that can be imported
What are Import Quotas ?
500
When price levels are below equilibrium then quantity supplied exceed quality demanded and a _____ occurs. When the opposite happens and the equilibrium price is above equilibrium then a ______ has occurred.
What is shortage and surplus
500
Italian. Loves Hockey. Origin is New Jersey. Works as an economist. Currently residing in Mission Viejo.
Who is Ferdinando Guerra??!!?!
500
Economic growth, low unemployment, low inflation, sustainable balance of trade
What are the four macroeconomic goals?
500
What are the effects of globalization and how does it benefit us.
Globalization allows for trade of goods and services between different countries along with intra-industy trading where we can exchange goods, technology and ideas for the overall benefit of the consumer. By opening up the world economy we have given people the chance to control what they wish to be supplied for their demands.
500
all the other ways a nation can draw up rules, regulations, inspections, and paperwork to make it more costly or difficult to import products