Basic Economics
The four categories of resources
What is land, labor, capital, and entrepreneurship?
My demand curve shifts left
What is a decrease in demand?
The year of a historic market ‘crash’, a prelude to the Great Depression
When is 1929?
Uncontrollable increasing inflation
What is hyperinflation?
When tax revenue is greater than government spending
What is a budget surplus?
Short-run alternation between economic downturns and economic upturns
What is the business cycle?
Where supply and demand curves meet
What is equilibrium?
A recession sparked by a housing crisis occurred during what 3 year interval.
When is 2007-2009?
Quantity that changes over time that is used to calculate inflation.
What is a price level?
A currency becomes more valuable compared to other currencies
What is appreciation?
I give up something for something else
What is a trade off ?
My y and x axis of a PPC
What are quantities of a good?
In 1971, President Nixon removed the US from this precious metal backing of paper currency
What is the Gold standard?
The increased cost of transactions
What are shoe leather costs?
A type of monetary policy that shifts aggregate demand to the left
What is contractionary monetary policy?
Anything used to produce a good or service
What is an input?
A point outside a PPC
What is not feasible?
A highly influential book, written in 1776 by Adam Smith
What is a wealth of nations?
Government spending in efforts to stabilize an economy.
What is fiscal policy?
A government deficit drives up the interest rate and thus leads to reduced investment spending
What is crowding out?
Rewards or punishments motivating a choice
What are incentives?
I have a lower opportunity cost of producing a good than others
What is a comparative advantage?
The US president when the Federal reserve created.
Who is Woodrow Wilson?
The Phillips curve shows the relationship between inflation and this value
What is the unemployment rate?
Total revenue is maximized when demand is this type of elasticity
What is unit-elastic?