The state of being scarce or in short supply; shortage.
What is Scarcity?
100
1.Number of Sellers
2.Technology
3. Resource Prices
4.Taxes and Subsidies
5. Expectations of Producers
6. Prices of Other Goods the Firm Could Produce
What are the supply shifters?
100
The monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis.
What is Gross domestic product?
100
The interest rate at which depository institutions actively trade balances held at the Federal Reserve, called federal funds, with each other, usually overnight, on an uncollateralized basis.
What is federal funds rate?
100
A law of economics stating that as a person increases consumption of a product - while keeping consumption of other products constant - there is a decline in the marginal utility that person derives from consuming each additional unit of that product.
What is diminishing marginal utility?
200
The loss of potential gain from other alternatives when one alternative is chosen.
What is Opportunity Cost?
200
The law of supply says that as the price of an item goes up, suppliers will attempt to maximize their profits by increasing the quantity offered for sale.
What is Law of supply?
200
Is the market value of all the products and services produced in one year by labour and property supplied by the citizens of a country.
What is Gross National Product?
200
A banking system in which only a fraction of bank deposits are backed by actual cash-on-hand and are available for withdrawal.
What is Fractional reserve banking?
200
A condition or state in which economic forces are balanced. These economic variables will be unchanged from their equilibrium values in the absence of external influences. Economic equilibrium may also be defined as the point where supply equals demand for a product.
What is economic equilibrium?
300
The loss of potential gain from other alternatives when one alternative is chosen.
What is Command economy?
300
A stock of a resource from which a person or place can be provided with the necessary amount of that resource.
What is Supply
300
A measure of the total output of a country that takes the gross domestic product (GDP) and divides it by the number of people in the country.
What is real GDP per capita?
300
Is one possible representation of the relationship between rates of taxation and the hypothetical resulting levels of government revenue.
What is Laffer curve?
300
Is the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy. It is the sister strategy to monetary policy through which a central bank influences a nation's money supply.
What is Fiscal policy?
400
Is an economic law that demonstrates the ways in which protectionism is unnecessary in free trade.
What is Comparative advantage?
400
An economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service. Holding all other factors constant, the price of a good or service increases as its demand increases and vice versa.
What is Demand?
400
The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling.
What is Inflation?
400
1.increase or decrease in key resources
2.productivity
3.government action
What are the As shifters?
400
Is the social science that seeks to describe the factors which determine the production, distribution and consumption of goods and services.
What is Economics?
500
The ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.
What is Absolute advantage?
500
1. Number of Buyers
2.Tastes
3. Income
4. Expectations of Buyers
5. Price of Related Goods
What are the demand shifters?
500
Occurs when a person who is actively searching for employment is unable to find work. Unemployment is often used as a measure of the health of the economy. The most frequently cited measure of unemployment is the unemployment rate.
Is an original economic system in which traditions, customs, and beliefs shape the goods and the services the economy produces. Countries that use this type of economic system are often rural and farm-based.