Show:
Intro to Econ
Supply and Demand
Government Policy
Global Economies
Money and the Fed
100
This type of economy is controlled by the government.
What is a command economy? (Also, communist)
100
The law of supply states that as price goes up, quantity supplied goes ____
What is up?
100
We pay these to get services from the government
What are taxes?
100
When a country absolutely makes more of a good than another country, they have this
What is absolute advantage?
100
A system of trading without using currency
What is barter?
200
This type of economy is controlled by businesses and consumers.
What is free enterprise? (Also capitalist)
200
The law of demand states that as price goes up, quantity demanded goes ____
What is down?
200
This is a measure of a country's wealth
What is GDP?
200
When a country has a lower opportunity cost to make a good than another country, they have this
What is comparative advantage?
200
This should be portable, durable, and divisible
What is money?
300
The economic model that shows the relationship between government, households, and businesses
What is the circular flow model?
300
This curve goes upward on a graph
What is the supply curve?
300
The cycle of ups and downs in an economy
What is the business cycle?
300
NAFTA is an example of this type of agreement
What is free trade?
300
An IOU from the government that draws interest; the most secure investment
What is a government bond?
400
This early economic philosopher believed in a free enterprise and an "invisible hand"
Who is Adam Smith?
400
This curve goes downward on a graph
What is the demand curve?
400
The stage of the business cycle when the economy is growing
What is expansion?
400
Comparative advantage helps determine what countries should _______
What is trade?
400
The Fed regulates the economy by controlling this
What is the money supply?
500
The principle of limited resources versus unlimited wants and needs
What is scarcity?
500
The place where supply and demand intersect; the "perfect price"
What is equilibrium?
500
When the economy is in a contraction, the government should do this to taxes to encourage spending
What is lower taxes?
500
This is the rate between two currencies
What is the exchange rate?
500
When the Fed wants to increase the money supply, they should do what to bonds?
What is buy?