A stock of a resource, product, or service from which a person or place can be provided with the necessary amount of that said resource, product, or service.
What is supply?
100
The total value of goods produced and services provided in a country during one year.
What is Gross Domestic Product?
100
The means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy.
What is fiscal policy?
100
The rate at which the currency of one nation is exchanged for the currency of another.
What is exchange rate?
200
The loss of potential gain from other alternatives when one alternative is chosen
What is opportunity cost?
200
An insistent and peremptory request or need for a resource, product, or service.
What is demand?
200
The total value of goods produced and services provided by a country during one year, equal to the gross domestic product plus the net income from foreign investments.
What is Gross National Product?
200
An attempt to achieve broad economic goals by the regulation of the supply of money.
What is monetary policy?
200
The individual likes and dislikes of various bundles of goods, as measured by utility. The consumer judges the bundle on the level of utility it gives them.
What are tastes and preferences?
300
The ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group
What is absolute advantage?
300
A fundamental principle of economics which states that there is a direct relationship between price and quantity supplied.
What is the law of supply?
300
The measure of the value of economic output adjusted for price changes (i.e., inflation or deflation).
What is real GDP?
300
The idea that the economy will slowly and over time fix itself.
What is classical economics?
300
The percentage of a loan that is charged as interest to the borrower, typically as an annual percentage of the outstanding loan.
What are interest rates?
400
The ability of an individual or group to produce a specific product or service more efficiently than another product or service
What is comparative advantage?
400
A fundamental principle of economics which states that there is a direct relationship between price and quantity demanded.
What is law of demand?
400
Includes all of the changes in market prices that have occurred during the current year due to inflation or deflation.
What is nominal GDP?
400
The idea that the economy needs the government or someone to step in and help fix the economy instead of letting it fix itself.
What is Keynesian economics?
400
An increase in monetary value
What is appreciation?
500
Inputs that are used in the production of goods or services. Also known as land, labor, capital and entrepreneurship.
What are factors of production?
500
When the tastes and preferences, price of complementing or subsitute goods, number of consumers, income, and expectation changes the demand of a good or service.
What are demand shifters?
500
A measure of the total output of a country that takes the gross domestic product (GDP) and divides it by the country's population.
What is real GDP per capita?
500
Consumption, investment, government spending, and net exports are considered to be what?