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Vocabulary
Markets
Supply and Demand
Unemployment, Taxes, Inflation
Misc.
100
This is the study of an individual's decision making
What is microeconomics
100
Most economics today are what type?
What is mixed
100
This is the maximum price, established by the government, for a product
What is price ceiling.
100
What is considered to be full employment?
What is an unemployment rate between 4-6%
100
What is the formula to compute output produced by the four sectors of the product market? (GDP!)
What is C+Ig+G+Xn or C+I+G+(X-M)
200
This type of business organization can hire workers and own property as if it were an individual.
What is a corporation
200
Which element of our economy is the strongest? a. market b. command c. traditional d. mixed
What is market (A)
200
What is the key variable affecting the quantity supplied and quantity demanded?
What is price
200
This type of unemployment occurs when a person graduates from college
What is frictional unemployment
200
This is the name of the interest rate that the Fed charges member banks.
What is the discount rate
300
A market dominated by a few large sellers
What is oligopoly
300
What does the PPC graph illustrate? a. choices made by consumers b. the different costs between goods c. all combinations of two goods that can be produced d. choices congress makes when making the budget
What is all combinations of two goods that can be produced (C)
300
When a small change in a good's price causes a large change in the quantity demanded.
What is elastic demand
300
This type of tax takes the same percetnage of income from all levels
What is proportional tax
300
What are the 3 components of M1?
What is currency, traveler's checks and demand deposits.
400
This policy tends to limit aggregate demand by reducing government spending amd/or increasing taxes
What is contractionary fiscal policy
400
Goods and services that are consumed by everyone are called...?
What are public goods
400
List the determinants of demand:
What are: Tastes and preferences Market size Price of related goods Consumer expectations Income
400
This type of tax takes larger percentages of income from higher income groups than lower income groups
What is progressive tax
400
This is the name of the tax placed on imports and are desgined to raise money for the government.
What are revenue tariffs
500
The amount of money in circulation in the US economy
What is the money supply
500
When a country can produce a good more efficiently than another nation, this is called the (blank) advantage.
What is comparative
500
List the determinants of supply
What are: Government tools Competition Price of resources Technology Price of related goods
500
What eats away at the store of value of money?
What is inflation
500
The buildings, structures, machinery and tools used in the production process are called this? (think PPC)
What are capital goods