Total amount of a specific good or service that is available to consumers
What is supply
100
the total value of goods produced and services provided in a country during one year which includes
personal consumption, private investments, government purchase, net exports
What is GDP
100
theory that the economy will fix itself
What is classical economics
100
increase in exchange rate
What is appreciation
200
Choosing an alternative and giving up an other opportunity as a result
What is opportunity cost
200
as the price of an item goes up, suppliers will attempt to maximize their profits by increasing the quantity offered for sale.
What is law of supply
200
is the total market value of goods and services produced by the residents of a country, even if they’re living abroad includes: C, I, G, X
excludes: services use to produce product
What is GNP
200
Demand for everything, added together
What is aggregate demand
200
decrease in exchange rate
What is depreciation
300
to produce a good or service at a lower cost per unit than the cost at which any other entity produces that good or service
What is absolute advantage
300
1.Price or resources
2.number of producers
3.technology
4.taxes and subsidies
5.future expectation
What is supply shifters
300
nominal GDP divided by price index
What is real gdp
300
Resource cost
Productivity (new machinery)
Government action (business tax)
What is Aggregate Supply shifters
300
The exchange of one currency for another, or the conversion of one currency into another currency
What is foreign currency
400
1. always operating at full employment
2. always comparing two good ( capital vs. consumer )
3. fixed resources
4. fixed technology
What is 4 basic assumptions of PDF curve
400
desire to possess a good or service
What is demand
400
the prices of most goods and services continue to creep upward and value of dollar decreases
What is inflation
400
Theory that increasing supply by decreasing taxes will result in businesses doing better and creating more jobs for poorer people (Trickle Down)
What is supply side economics
400
Rate that does not change
What is fixed rate
500
land , labor, capital, entrepreneurship
What is factors of production
500
the demand for a product varies inversely with its price. Lower prices stimulate demand and higher prices dampen it
What is law of demand
500
Price in specific year divided by price in base year
What is Consumer Price Index
500
Federal government expenditures or receipts that automatically increase or decrease without requiring any government action