Group One
The study of small economic units
What is microeconomics
A graph showing the relationship of prices and quantities supplied.
What is the supply curve?
A market structure where a large number of companies produce similar items.
What is pure competition?
A combination of a free market economy and a government controlled economy.
What is a mixed economy?
The Federal Reserve influences the money supply through:
What is monetary policy?
The willingness and ability to purchase a product.
What is demand?
The price where both buyers and suppliers are willing to make a deal.
What is the equilibrium price.
A single seller controls the market.
What is a monopoly?
The sum of all goods and services produced within a country's borders
What is GDP?
The increase of money in the money supply:
Expansionary Policy
The willingness and ability to supply a product.
What is supply?
When supply exceeds demand you have a:
What is a surplus?
An economy where the government controls the allocation of resources.
What is a planned economy?
This meas.ures the overall rise in prices
What is the CPI?
The reduction of money in the money supply:
Contractionary policy
The social science of how a society manages its resources.
What is economics?
You have this when demand exceeds supply.
What is a shortage?
The government controls some of the means of production.
What is socialism?
The overall rise in prices.
People who wish to work but cannot find a job or have been let go are said to be:
What is unemployed?
A graph showing the relationship of prices and quantities bought.
The study of a country's overall economy.
What is macroeconomics?
An economic system where all property would be equally shared.
What is communism?
The overall decrease in prices.
What is deflation?
Unemployment due to just graduating college and you are still looking for a job.
Frictional unemployment