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Supply & Demand
Economic Systems
Government
Price/Money
Trade
100
There is an inverse relationship between price and quantity demanded
What is The Law of Demand
100
Nobody is told what to do, Do what you can to survive.. Think post apocalyptic movie....
What is Market Economy
100
Economist who suggested that the government is capable and should intervene in the economy to create more stability and predictability.
What is John Maynard Keynes
100
Defined as a rise in general price levels
What is Inflation
100
a way of giving something to get something.. bartering
What is Medium of Exchange
200
When quantity supplied is greater than quantity demanded
What is Surplus
200
Centralized Authority "Government", gets stuff done.. no individual identity Ex. USSR, N.Korea
What is Command Economy
200
The government has an option to use this money in the federal budget in comparison to mandatory spending.
What is Discretionary Spending
200
Money has no value of a precious metal, must believe the government is stable
What is Flat Money
200
Countries specialize in certain areas because it is an efficient way to use their resources, so countries trade what they make to each other
What is Foreign Trade
300
When quantity demanded is higher than quantity supplied, suppliers often raise price of the good during this...
What is Shortage
300
Founder of Lassez-Faire economics
What is Adam Smith
300
Has 4 roles... the most important is to conduct monetary policy.
What is Federal Reserve Bank
300
Goal is to promote full employment and price stability by regulating how much money is circulating throughout the economy
What is Monetary Policy
300
A country give up less to make something and can likely produce them at a lower cost both in terms of the final price and what they must give up
What is Comparative Advantage
400
When a relatively small change in price creates relatively large change in demand..
What is Elasticity of Demand
400
Combines private and public enterprise
What is Mixed Economy
400
Expenditures Exceed Revenue.. you spend more than you make
What is Budget Deficit
400
Measures overall levels of prices.... government purchases basket of goods and studies the pricing of these items... price goes up we have inflation
What is Consumer Price Index
400
When one country can produce something that another simply cannot or have more of it for easy access
What is Absolute Advantage
500
When quantity of supply equals quantity of demand.
What is Equilibrium
500
A system where resources are allocated by history how it has been done in the past.
What is Traditional Economy
500
Rich get taxed more than poor because they have more income to tax
What is Graduated Taxes Tables
500
Total monetary value of all good and services produced within the country's borders in a given year. All counted by their dollar value.
What is Gross Domestic Product
500
a decision making process where all available options are considered and pros/cons are weighed for each option.
What is Cost Benefit Analysis