What is Philosophy that government should not interfere with business activity; "hands off".
100
What is a Contraction
What is A decline in real GDP
100
What is the main function of money
What is Medium of exchange
100
What is EU
What is European Union
100
Expalin a Mixed Economy
What is Modified private enterprise market economy where people carry on their economics affairs freely, but are subject to some government intervention and regulation.
200
What is Scarcity
What is Fundamental economic problem facing all societies that all societies that results from a combination of scarce resources and people's virtually unlimited wants.
200
What is an Expansion
What is Period of growth of real GDP; recovery from recession.
200
How do people respond to incentives
What is By working harder
200
What is ASEAN
What is Association for Southeast Asian Nations
200
Explain a Market Economic
What is Economic system in which supply, demand and the price system help people make decisions and allocate resources.
300
What does the Production Possibilities Frontier show
What is The different combinations of 2 products that can be produced
300
What is Inflation
What is Rise in the general level of prices
300
What is rational decision making
What is Making decisions based on rational outcomes so that your marginal benefit is greater than the marginal cost of your decision
300
What is NAFTA
What is North American Fee Trade Agreement; Agreement signed in 1993 to reduce tariffs between the United States, Canada, and Mexico
300
Explain a Command Economic
What is Economic system characterized by central authority that makes most of the major economic decisions
400
What are the three questions of economics
What is What to produce? How to produce? For whom to produce it ?
400
What is the difference between Real/nominal income
What is Real income is expressed in terms of purchasing power( nominal income adjusted for inflation). Nominal income is expressed as an actual dollar amount
400
What are the differences between the different financial institutions?
What is A credit union requires you to be a member of a specific group of people while a bank is for anyone
400
What is the Currency Exchange Rate
What is The price of one country's currency in terms of another country's currency
400
Explain a Traditional economy
What is economic system in which the allocation of scare resources and other economic activity is the result of ritual, habit, or custom
500
What is Productivity
What is Degree to which resources are used efficiently; normally refers to labor, but can apply to all factors of production;An economic measure of output per unit of input.
500
What is the consumer price index and how do you calculate it ?
What is Index used to measure inflation by looking at price changes for a market basket of frequently used consumer item; today's market/last year's market basket x 100
500
At what sort of rate will banks charge you interest? At what sort of rate will you earn interest?
What is Banks will charge high interest rates when you take out a loan; you will earn low interest rates when you put money into a saving account.
500
Why is European Union significant
What is Most successful example of regional cooperation in the world today; the single largest unified market in terms of population and output in the world
500
Define Micro/Macro Economics
What is
Micro- Branch of economic theory that deals with behavior and decision making by small units each as individuals and firms.
Marco- The part of economic theory dealing with the economy as a whole and decision making by large units such as governments and unions.