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Fundamentals
MICROeconomics
MACROeconomics
International
Personal Finance
100
The value of the thing you give up when making a trade-off
What is OPPORTUNITY COST
100
Economic law that state quantity demanded and price move in opposite directions
What is LAW OF DEMAND
100
The Consumer Price Index (CPI) is used to calculate this
What is INFLATION
100
Goods and services sold to other nations
What is EXPORTS
100
Money the bank pays you for the use of your money; or, money that you pay for the priviledge of using someone else's money
What is INTEREST
200
Person who comes up with an idea, starting a business, and taking on the risk
What is ENTREPRENEUR
200
In this role, money is accepted by buyers and sellers as payment
What is MEDIUM OF EXCHANGE
200
Unemployment that occurs because of a downturn in the economy
What is CYCLICAL UNEMPLOYMENT
200
Situation where one country can produce more of a good than another country.
What is ABSOLUTE ADVANTAGE
200
Part ownership in a corporation; no limit to the money you can make but you may also lose it all (HIGH RISK / HIGH RETURN)
What is STOCK
300
Focusing on one particular kind of job; this increases efficiency.
What is SPECIALIZATION (also accept Division of Labor)
300
The point where quantity supplied and quantity demanded are equal
What is EQUILIBRIUM POINT or MARKET CLEARING PRICE
300
This economic policy is changes in taxes and spending by the United States Congress
What is FISCAL POLICY
300
Situation where imports are greater than exports
What is NEGATIVE BALANCE OF TRADE or TRADE DEFICIT
300
The greater the amount of income, the higher percentage paid in taxes. For example, the US Federal Income Tax
What is a PROGRESSIVE TAX
400
In this economic system, the government answers the 3 Basic Economic Questions
What is COMMAND ECONOMY
400
Characterized by unlimited liability, limited captial, and specialization
What is A PARTNERSHIP
400
This economic policy is changes to the money supply by the Federal Reserve Bank of the United States
What is MONETARY POLICY
400
A tax on imports
What is TARIFF
400
Amount you must pay every month/quarter/year to guarantee insurance coverage
What is A PREMIUM
500
The relationship of inputs to outputs, or, OUTPUTS/INPUTS
What is EFFICIENCY
500
Market structure characterized by many firms selling similar products, low barriers to entry, high competition (especially advertising)
What is MONOPOLISTIC COMPETITION
500
The result of government spending being greater than tax revenue for a given year
What is BUDGET DEFICIT
500
Government policies that attempt to limit imports for the benefit of national security, American industries and American jobs.
What is PROTECTIONISM (also accept TRADE BARRIERS)
500
Interest paid not only on the principle, but also on any accumulated interest
What is COMPOUND INTEREST