Supply and Demand
This is the amount of a good, service, or product available for sale in the market.
What is supply?
This economy is referred to as a planned economy because everything is planned and regulated by the government.
What is a command economy?
This means to sell products to other countries.
What is export?
John Maynard Keynes attended this college in Cambridge.
What is Kings College?
This is the amount that consumers want to buy at a certain price, or the amount that is demanded.
What is demand?
This economy relies on farming, hunting, and gathering. These economies are usually found in less developed countries.
What is a traditional economy?
Trade is the primary way in which countries are this, meaning they depend on on another.
What is interdependent?
The economic theories named after John Maynard Keynes are called this economics.
What is Keynesian economics?
Supply and demand is on the basic associated with this type of economy.
What is a market economy?
In this economy, prices are driven purely by the relationship between the consumers and producers. The government is not involved.
What is a market economy?
This term means a country exports more of a product than it imports.
What is a trade surplus?
Keynesian Economics states that a country's this needs to be involved in the economy to keep it working well.
What is government?
If the price of a product goes up, that usually means is has a high this.
What is demand?
Countries with this type of economy are generally considered to either be developing from traditional economies or changing from command economies. They are in the process of growing industrially.
What is an emerging market economy?
This term means a country imports more of a product than it exports.
What is a trade deficit?
Many historians think this president was influenced by Keynes and his economic theories.
Who is Franklin D. Roosevelt?
If the price of sunscreen is on sale for 50% off in December, that means there is a low demand and a high this.
What is supply?
The advantages of this economy are that competition increases the quality and lowers the prices of products. The disadvantages of this economy are that there is inequality between the wealthy and the poor.
What is a market economy?
The U.S is the number one importer of oil in the world. The U.S imports more oil than they export. That means they have a trade this.
What is a trade deficit?
FDR was influenced by Keynes to put together this, public works projects during the Great Depression meant to create jobs and improve the economy.
What is the New Deal?