Economic law that demonstrates the ways in which protectionism is unnecessary in free trade.
What is Comparative advantage
100
an insistent and peremptory request made as if by right
What is Demand
100
Included in GNP
What is something that is actually produced. It has to be something that isn't used to produce something else. It has to be produced here and not somewhere else, and it also has to be legal.
100
affect people’s and firms’ demand for goods and services
What is Effect of monetary Policy
100
is higher Interest better in foreign exchange
What is Better because it benefits the nation trading the currency
200
When government makes decisions or a planned economy
What is Command economy
200
Law of demand
What is all other factors being equal as the price of a good or service increases consumer demand for the good or service will decrease
200
sustained increase in the general price level of goods and services in an economy over a period of time
What is Inflation
200
bank deposits are backed by actual cash-on-hand and are available for withdrawal.
What is fractional Reserve Banking
200
If interest are good nation trades but if not trade will stop
What is impact imports and exports
300
1. Opportunity costs
2. Marginal principle
3. Law of diminishing
What is Principals of economics
300
A diagonal line from upper left to lower right
What is how is demand graph
300
1.banks extend many fixed rate loans
2.farmer buys machinery with a fixed rate loan to be repaid over a ten year period
Who gets helped and hurt by Inflation
300
1.amount by which something, especially a sum of money, is too small.
2.something, typically money, that is owed or due
What is Deficit and Debts
300
The exchange of one currency for another, or the conversion of one currency into another currency
What is foreign exchange
400
decisions regarding investment, production, and distribution are based on supply and demand
What is Market Economy
400
state in which opposing forces or influences are balanced
What is equilibrium
400
combination of frictional and structural unemployment that persists in an efficient, expanding economy when labor and resource markets are in equilibrium
What is natural rate of unemployment
400
When unemployment is lower than inflation happens
What is relationship between inflation and unemployment
400
A loan or leverage their positions with a fraction of the equity needed to fund the trade
What is Margin
500
He believed a government that leaves people alone to live their lives according to their own judgement is the best for all.
What is Adam Smith Laissez faire
500
What is Shortage and Surpluses
What is In need of something or having more than enough
500
Types of unemployment
What is structural frictional cyclical and seasonal
500
committee of the Federal Reserve Board that meets regularly to set monetary policy, including the interest rates that are charged to banks.
What is Federal Open Market Committee
500
currency price of one country gets stronger and/or weaker against another country's currency on a daily basis