The idea that people have unlimited wants and there are a limited restorers
What is Scarcity
100
An amount of a product that people can buy or trade for
What is Supply
100
The total Value of goods and services produced by a country in a single year.
Includes...
Consumption, Government Spending, Investment, Net Exports
What is Gross Domestic Product
100
this form of economic thinking bereaves that the economy is unstable and that the government needs to be involved in it
What is Keynesian Economics
100
when inflation of a curenstcy goes up is is good or bad
What is it good
200
the possible loss or gain from an economic desition
What is opportunity cost
200
The amount that people want and are willing to buy of a product
What is Demand
200
The GDP plus the income of residents with over seas businesses
Dos not Include...
Businesses in the US owned by oversea components
What is Gross National Product
200
If taxes were to go own or wages were to increase this would shift to the left
What is Aggregate demand
200
A currentcy is this when its demand goes down
What is Deprecated
300
when one group or individual can carry out a task better then another
What is Absolute Advantage
300
As the prices of a product increases so dose the supple
What is Law of supply
300
the GDP that is adjusted for inflation (Real or Nominal)
What is Real GDP
300
On a long run supply curve is the economy is in a resetion and operating under full employment what to things can the government do to bring it up to full employment.
What is lower taxes and increasing government spending.
300
when one country exports are high that means that there currentceys ______ is low
What is interest
400
a circumstance that puts one party or individual at another
What is comparative Advantage
400
As the price of a product falls the demand will increase
What is Law of Demand
400
The equations to find The nominal and Real gdp
What is
Nominal=Current year price/Base year
Real=Nominal/GDP deflator
400
when the government decreases spending on increases taxes
What is contractionary
400
when one country has a large demand for another country's curresy there own will do this
What is depreciaet
500
1) Resources are used in only two products
2) Quantity of resources o not change
3) Technology dose not change
4) Resources are used in a tech efficient way
What is The for assumptions of Product Possibilitys
500
A change in Price cause moment along a supply curve
What is Change in Price/Change in quantity supplied
500
A measurement of the total output of a country and divides it by the number of people In the country
What is Real GDP per Capita
500
the federal reserve will do this when more money needs to be put into the system
What is Buy Bonds
500
as a country's imports grow it exports will usually drop because of this