Benefits or consequences of choosing one option over another.
What is Opportunity Cost
100
Consumers desire to pay for a specific good.
What is Demand
100
All the goods and services produced by a country within a certain time frame.
What is Gross Domestic Product
100
The economy will naturally fix itself over time.
What is Classical Economics
100
Supply and Demand shifter based solely on the consumers feelings about an item.
What is Tastes and Preferences
200
When using the same amount of resources, a group is able to produce more than the competition
What is Absolute Advantage
200
Amount of product willing to be sold while all other factors constant.
What is Supply
200
When unemployment occurs, this group is hurt due to decreased value of the dollar.
What is General Public
200
The Long Run Aggregate Supply Curve would shift to the right during a...
What is A Recession
200
Gradual decrease of an economic stock.
What is Depreciation
300
Society has seemingly insufficient resources to fulfill all human wants and needs.
What is Scarcity
300
Situation in which supply increases as demand decreases.
What is Surplus
300
All available resources and manpower that can be utilized is in use.
What is Full Employment
300
To properly fix the economy in a more timely order, government involvement is required.
What is Keynesian Economics
300
Interest rates are favored this way when dealing with foreign exchange to promote a higher profit margin.
What is High Interest Rates
400
The ability of a group to be able to produce more at a lesser opportunity cost than another.
What is Comparative Advantage
400
Consumption, government spending, investment spending, and net exports are all considered part of this.
What is AD shifters
400
Formula used to calculate the unemployment rate.
What is Unemployed/Labor Force x 100
400
During a recession, the government would utilize this fiscal policy to promote spending and reduce taxes.
What is Expansionary Policy
400
Equilibrium price points developed in foreign exchange markets.
What is Exchange Rates
500
Point of view developed by Adam Smith in which government involvement and regulation more than necessary is opposed.
What is Laissiez-faire
500
As a consumer continues to consume a product, they experience a slight decrease in satisfaction from said product with each new occasion of utilizing it.
What is Diminishing Marginal Utility
500
Worst type of unemployment revolves around swings in the business cycle.
What is Cyclical Unemployment
500
When a deposit is made into a bank, this rate is used to determine how much money the bank must keep on hand.
What is The Required Reserve Ratio
500
Demand for currency increases based on current setting of the exchange rate.