Scarcity basic economic problem that arises because people have unlimited wants but resources are limited?
What is Scarcity
100
Fundamental economic concept that describes the total amount of a specific good or service that is available to consumers.
What is supply?
100
The monetary value of all the finished goods and services produced within a country's borders in a specific time period
What is gross domestic product?
100
Demand is too low, economic output can fall below the full employment level
What is Keynesian Economics?
100
An increase in the value of an asset over time.
What is appreciation?
200
the ability to sell goods and services at a lower price than it's competitors and realize stronger sales margins
What is comparative advantage
200
Theory explaining the interaction between the supply of resources and the demand for that resource.
What is Law of Supply & Demand?
200
Used items, Non-market transaction, not produced in the current year, public transfer payments, stocks and bonds
What is excluded in GDP?
200
Increase government spending and decrease tax, Recession
What is expansionary?
200
Too many imports to export can distort a nations balance of trade and ______ its currancy
What is devalue?
300
four factors of production
What is Land, Labor, Capital, & Entrepreneurship
300
label for an Equilibrium line on a graph
What is LRAS?
300
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 GNP
300
Combination of M1, M2 and large time deposits
What is money supply 3 (M3)
300
The value at which an exchange takes place is called
What is the exchange rate?
400
people respond to incentives in general predictable ways.
What is Thinking on the margin?
400
A law of economics stating that a person increases consumption of a product while keeping consumption of another product constant.
What is the law of diminishing marginal utility?
400
Due to automatic stabilizers, when income rises, government transfer spending
What is Decrease & tax revenues increase?
400
Buying/ selling bonds
What is open market operation?
400
Currencies are bought and sold, just like other commodities, in markets called
What is foreign exchange market?
500
Adam Smith was an major proponent to the Economic theory from the 18th century that is strongly opposed to any government intervention in business affairs.
What is Laissez Faire?
500
Price of resources, number of producer, technology, taxes & subsidies, expectation
What is supply shifters?
500
In an inflationary gap, the equilibrium level of real GDP would be
What is Greater than planned investment?
500
determines how much money can be created in the economy
What is the Deposit expansion multiplier?
500
Rate which equates demand and supply for a particular currency against another currency.