Economics
Refers to the economic problem of having limited resources with unlimited wants
What is scarcity
Things that people must have to survive
What are needs
What does it mean to be on the curve in a PPC?
What is an efficient point (using all resources)
What is absolute advantage
Unemployment due to a downturn in the economy
What is cyclical unemployment
Someone who buys goods and services
What is a consumer
If the Fed buys bonds what kind of policy are they enacting? Be specific.
What is expansionary monetary policy
The next best alternative not chosen
What is opportunity cost
Goods and services purchased from the overseas sector
What is imports
This measures the total spending on the outcomes of goods and services in the economy.
What is GDP?
This is the study of people and how they choose to use scarce resources to satisfy unlimited needs and wants.
What is economics?
The "Father of Economics"
What is Adam Smith
The effort people contribute to the production of goods and services
What is labor
When workers produce more, what happens to the price?
What is go down?
Positive: Keep all profits, make all decisions,
Branch of economics that studies the economy as a whole
What is Macro economics?
When an item leaves a country it is called this.
What is an export?
A market dominated by a few large sellers
What is an Oligopoly
List the four factors of production
When they have a comparative advantage in the production of a good/service. (lower opportunity cost)
In a communist country, ___________ owns the land and property. (fill in the blank)
What is the government?
The economic system in which individuals/businesses decide what, how, and how much will be produced/sold
What is a free market economy
Sustained increase in cost of items over a period of time.
What is inflation?
When it becomes cheaper to produce a good what happens to price and quantity?
What are the tools of Fiscal policy and who enacts it?