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Introductory Economics
Supply And Demand
Measuring The Economy
Fiscal And Monetary Policy
Foreign Exchange Rates
100
Consuming or producing more of one commodity or service means consuming or producing less of something else.
What is opportunity cost?
100
There is a inverse relationship between price and quantity demanded.
What is the Law of Demand?
100
An estimated value of the total worth of a country's production and services within it's boundary by it's national and foreigners, calculated over the course of a year.
What is Gross Domestic Product?
100
Government involvement in solving economic problems.
What is Keynesian Economics?
100
The price of one country's currency expressed in another currency.
What is exchange rate?
200
When someone can make a product with a lower opportunity cost.
What is comparative advantage?
200
There is a direct relationship between price and quantity supplied.
What is Law of Supply?
200
Consumption + Investment + Government Spending + Net Exports
How do you calculate GDP?
200
The demand for everything.
What is aggregate demand?
200
Tastes, price level, income, interest rates.
What is shifters?
300
A limited or fixed number or amount of people or things, in particular.
What is a quota?
300
1. Price of resources 2. Number of producers 3. Technology 4. Taxes and subsides 5. Expectations
What is supply shifters?
300
An estimated value of the total worth of production and services by citizens of a country, on it's land or foreign land, calculated of the course of one year.
What is Gross National Product?
300
Increase Government spending, decrease personal income tax and decrease business tax.
What is expansionary fiscal policy?
300
An increase in the value of one country's currency relative to another currency.
What is appreciation?
400
A Scottish philosopher and economist who is best known as the author of An Inquiry into the Nature and Causes of the Wealth Of Nations
What is Adam Smith?
400
1. Taste/Preferences 2. Number of consumers 3. Price of related goods (substitutes) and complementary goods 4. Income 5. Expectations
What is demand shifters?
400
GDP + Net income flow from assets abroad or net income receipts - net payment out flow to foreign assets
How do you calculate GNP?
400
Required reserve ratio, Open market operations, and discount rate.
What is the tools of the Federal Reserve?
400
A decrease in the value of one country's currency relative to another currency.
What is depreciation?
500
1. The amount of resources in an economy is fixed, but these resources can be transferred from one use to another; 2. With the help of given resources, only two goods can be produced; 3. The resources are fully and efficiently utilised; 4. Resources are not equally efficient in production of all products. So, when resources are transferred from production of one good to another, the productivity decreases.
What is the 4 basic assumption for production possibilities curve?
500
A law of economics stating that as a person increases consumption of a product - while keeping consumption of other products constant
What is diminishing marginal utility?
500
A general increase in prices and fall in the purchasing value of money.
What is inflation?
500
Argues that economic growth can be most effectively created by lowering barriers for people to produce (supply) goods and services as well as invest in capital.
What is supply side economics?
500
USD/other country's currency
How to calculate foreign exchange rate?