Economics
What GDP stand for.
What is Gross Domestic Product
True or False Economics is about making choices?
What is true?
True or False: Nominal gdp is better for making comparisons across time.
What is False?
GDP = C + I + G + Xn.
What is the expenditure approach?
The difference between a country's exports and imports.
What is the definition of net exports?
What GNP stands for.
What is Gross National Product?
As price goes up, quantity demanded goes down.
What is the law of demand?
Type of gdp that shows historical value and includes inflation and deflation.
What is real gdp?
GDP = Total National Income + Sales Taxes + Depreciation + Net Foreign Factor Income.
What is the income approach?
Includes expansions, peaks, recessions and troughs.
What is a business cycle?
The study of the "big picture" or the aggregate economy.
What is Macroeconomics?
The real cost of doing or making one thing vs the cost of not doing or making something else.
What is opportunity cost?
Unemployment defined as mismatch between skills and jobs. (Your training is obsolete).
What is structural unemployment?
Using the expenditure approach, personal _______ is the largest component of GDP.
What is consumption?
Three Macroeconomic indicators.
(Varies) What are GDP, Unemployment rate, and inflation rate? Also, housing starts, sales of existing homes, poverty rate, household income
Wrote The Wealth of Nations and is the classical Father of Economics.
Who is Adam Smith?
Place where quantity demanded = quantity supplied.
What is market equilibrium?
Type of unemployment that increases during an expansion or an economic boom.
What is structural unemployment?
The most volatile component of GDP using the expenditure approach.
What is gross private investment?
Includes a standard grouping of goods to compare accross time.
What is a market basket?
The factor payment (income) for labor.
What are wages and salaries?
Unemployment most related to the business cycle.
What is cyclical unemployment?
The two major players (contributors) in the simple circular flow diagram.
What are businesses and households?
Income used for spending after paying taxes.
What is disposable income?
The year of comparison for real gdp.
What is a base year?