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Economic Growth
Supply and Demand
Gross Domestic Product
Intro to Economics
Unemployment
100
requirement to pay income in the future.
What is liability
100
a market in which there are buyers and sellers of the same good or service.
What is a competitive market
100
the total value of all final goods and services produced in the economy in a given year.
What is GDP
100
a downturn in the economy.
What is a recession
100
people who work part time because they can't find full time work.
What is underemployment
200
a lending agreement between an individual lender and borrower.
What is a loan
200
when the quantity supplied exceeds the quantity demanded.
What is surplus
200
the total amount of household income available to spend on consumption and to save.
What is disposable income
200
a system for coordinating society's productive activities.
What is an economy
200
number of people currently working in the economy.
What is employment
300
the time it takes a variable that grows gradually over time.
What is the Rule of 70
300
a graphical representation of the demand schedule and shows the relationship between quantity demanded and price.
What is a demand curve.
300
goods or services sold to other countries.
What is exports
300
the branch of economics that is concerned with overall ups and downs in the economy.
What is macroeconomics
300
the legal floor on the wage rate.
What is minimum wages
400
an asset that can be quickly converted into cash with little loss of value.
What is a liquid asset
400
a maximum price sellers are allowed to charge for a good or service.
What is price ceiling
400
household spending on goods and services.
What is consumer spending
400
anything that can be used to produce something else.
What is a resource
400
percentage of people that not working in the labor force.
What is the unemployment rate
500
the lowerst price at which a seller is willing to sell a good.
What is cost
500
the percent change per year in a price index.
What is inflation rate
500
what you must give up in order to get it.
What is opportunity cost
500
when the real GDP growth rate is positive but the unemployment rate is still rising.
What is jobless recovery