Show:
Intro to Econ
Supply and Demand
Government Policy
Global Economies
Money and the Fed
100
Using all of your resources with nothing left over; a point on the Production Possibilities Curve
What is efficiency?
100
The law of demand states that as price goes down, quantity demanded goes this direction
What is up?
100
The stage of the business cycle in which people feel euphoric (the happiest possible)
What is the peak?
100
Comparative advantage is determined by which country has the lowest of this
What is opportunity cost?
100
This type of money has value because the government says it does
What is fiat money?
200
The economist who wants the government to steer markets and encourages spending
Who is John Maynard Keynes?
200
The law of supply states that as price goes down, quantity supplied goes this direction
What is down?
200
The stage of the business cycle in which the economy is going down
What is contraction?
200
A tax on an imported good
What is tariff?
200
This type of money represents a value
What is representative money?
300
The economic model that shows that demonstrates efficiency and inefficiency when producing goods and services
What is the Production Possibilities Curve?
300
An increase in supply will shift the supply curve this direction
What is right?
300
If the economy is expanding too fast, the government should do this to spending
What is decrease?
300
A limit on how much of a good can be imported
What is a quota?
300
This type of money has value just because of what it is
What is commodity money?
400
A type of economy in which the people do what they and their ancestors have always done
What is traditional?
400
A decrease in demand will shift the demand curve this direction
What is left?
400
If the economy is growing at a steady pace, the government should do this
What is nothing?
400
The U.S produces 30 tons of chocolate and Switzerland produces 50 tons of chocolate. This country has the absolute advantage.
What is Switzerland?
400
How easy something is to turn into cash; the types of money included in the M1 money supply
What is liquidity?
500
A type of economy that is part free market and part command
What is mixed?
500
Peanut butter and jelly are examples of this
What are complementary goods?
500
The tax on the amount of money you make is called this
What is income tax?
500
Canada, Mexico, and the US are all part of this
What is NAFTA?
500
The term for where bonds are traded by the Fed and consumers
What is the Open Market?