Micro
An institution that brings together buyers ("demanders") and sellers ("suppliers") of particular goods, services, or resources.
What is a market?
A rise in the general level of prices.
What is inflation?
I wish I had a better joke to meet your demand but we just lack ____.
What is supply
The total amount of a good or service that is available to consumers.
What is supply?
System of private ownership controlling production
What is capitalism?
This exists when the demand for a good or service exceeds the supply of the good or service
What is a Shortage
A measure of the value added and created in a country during a given time period.
What is GDP?
Friend of mine owned a balloon company, but he had to close it. Bro couldn’t keep up with _____.
What is inflation?
Consumers’ desire to purchase goods and services.
What is demand?
A system of economics combining capitalism and socialism
What is a mixed economy
Graphically, the intersection of the supply curve and the demand curve for a product indicates this
What is Market Equilibrium
An economy’s ability to produce a particular good at a lower opportunity cost.
What is comparative advantage?
What do plumbers, garbagemen, and economists all have in common?
They all deal with gross domestic product
The potential benefits that an individual loses when choosing one alternative over another.
What is opportunity cost?
Systems of economics that rely on local custom and commonly utilises bartering
What is a traditional economy
Nation A has a high Gini ratio. You can conclude that Nation A...?
Has a highly unequal distribution of income
High unemployment and high inflation at the same time.
What is stagflation?
An economist is afraid of this for both the economy and their hairline.
What is a recession
Resources that are used in the production of goods and services.
What is capital?
Theory that the government holds an important interventionist role in alleviating recessions/stabilizing the economy
What is Keynesian economics?
As a rule, one should purchase a good or engage in an activity if...?
The marginal benefit is greater or equal to the marginal cost
A monetary policy that makes credit expensive and in short supply to slow the economy.
What is a tight money policy?
How has French revolution affected world economic growth?
Too early to say.
Ownership interest in the assets of a company after deducting liabilities.
What is equity?
Theory associated with Reagan that promotes increasing goods and services as main reason for economic growth
What is Supply Side Economics (or I guess could accept Reaganomics if very nice)