What is economic growth for individuals, regions, and nations
100
supply is directly proportional to price, as the price increases, supply decreases is which law
What is The Law of Supply
100
Changes in supply and demand can result in this
What is a change in price
200
the value of the choice not made
What is Opportunity Cost
200
Cyclical, Seasonal, Structural, Regional, Classical and Frictional are types of what
What are The types of unemployment
200
the 2 main ways to restrict international trade
What are Tariffs and quotas
200
As we buy more of an item, we get less satisfaction from each additional purchase. This is an example of
What is Diminishing Marginal Utility
200
This is a monthly survey on the prices of over 200 categories of items
What is The Consumer Price Index (CPI)
300
The four factors of production
What are Land, Labor, Capital, and Entrepreneurs
300
All taxes can be broken down into what three categories
What is proportional, progressive, and regressive.
300
This occurs when countries import more goods than they export with a trading partner
What is a Trade Deficit
300
Cost of resources, Productivity, Technology, Taxes and Subsidies, Expectations, Government regulations, and Number of sellers are examples of factors that can cause a change in what
What is a change in supply
300
where a supply curve intersects with a demand curve
What is Equilibrium Price
400
An item must have scarcity and utility in order for it to have what
What is Value
400
This is where buyers and sellers meet to trade stocks.
What are Stock markets and securities exchanges
400
International trade relies on this ability
What is to exchange foreign currencies
400
Only a change in price can cause this
What is a change in the quantity demanded or the quantity supplied
400
a general increase in the price of items and the falling of the purchasing value of money
What is Inflation
500
Productivity and Economic Growth are directly proportional which means
What is productivity increases, the economy grows.
500
The circular flow model of economic activity shows this
What is how business, consumers, governments, banks, and foreign countries exchange income and resources
500
The term for the ability to produce a product relatively more efficiently, or at a lower opportunity cost
What is Comparative advantage
500
The 6 factors that can cause a change in demand
What is Income, Tastes, Substitutes, Complements, Expectations, and Number of consumers
500
In economics governments strive for this balance
What is a balance between the costs and benefits of their economic policies to promote economic stability and growth.