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Terms
Macro
Micro
Graphs
Equations
100
An interchangeable good where if the price of one increases, demand for the other decreases.
What is a substitute good?
100
economic problems encountered by the nation as a whole
What is Macroeconomics?
100
Subfield of economics which studies how households and firms behave and interact in the market.
What is Microeconmics?
100
http://2.bp.blogspot.com/_-LUlXoF3oOY/S-AXnFN3WgI/AAAAAAAAADc/QBFo2LmnxIc/s1600/PPC1.jpg
What is productions possibly curve(PPC)?
100
1/Reserve requirement
What is the money multiplier?
200
Output per unit of input.
What is productivity?
200
The ability to produce something more efficiently.
What is absolute advantage?
200
Many firms, has the ability to enter and exit at will, perfect information.
What is perfect competition?
200
http://img.sparknotes.com/figures/3/31d5c746a3dad4ab3eb48ba28b0fc043/asadgraph1.gif
What is aggregate supply versus aggregate demand equilibrium in the long run?
200
P x Q
What is revenue?
300
Describes points at which social surplus is maximized, social surplus being the combined utilities of the firms and the public.
What is socially optimal?
300
An accounting of the funds that flow in and out of a country comprised of the capital account and the current account. current account +capital account
What is balance of payments?
300
Combined supply of all sellers in a market.
What is aggregate supply?
300
http://davkett.com/wp-content/uploads/2016/12/Lorenz-Curve-2.png
What is a lorenz curve?
300
M x V = P x Q
What is the equation of exchange.
400
Refers to the amount of revenue loss from moving away from the socially optimal price and quantity.
What is deadweight loss?
400
Describing the number of times the typical dollar of M1 or M2 is used to make purchases during a year
What is velocity of money?
400
Savings acquired through increases in quantity produced. Oftentimes, large firms in industries with high fixed costs can take advantage of savings that smaller firms cannot
What is economies of scale?
400
http://www.economicsonline.co.uk/How%20markets%20work%20graphs/Exchange-equilibrium.png
What is foreign exchange market?
400
(GDP/Real GPD) x 100
What is the GDP deflator?
500
A committee within the FED that designs and executes the particular of monetary policy
What is federal open market committee(fomc)?
500
State of being out of work because the economy is structured, or set up, to a person's disadvantage
What is structural unemployment?
500
Concept that the marginal revenue derived from additional units of labor decreases as quantities of labor increases.
What is law of diminishing returns?
500
http://blogs.osc-ib.com/wp-content/uploads/2012/02/Phillips_curve.png
What is a philips curve?
500
(% Change in Quantity)/(% Change in Price)
What is elasticity?