What is Economics
the study of the choices people make to satisfy their needs and wants
What is Economics
What to Produce?
How to Produce?
For whom to Produce?
What are the Three Economic Questions
Total market value of all final goods and services the economy produces in a single year, within its national borders.
The targeted rate of inflation
What is 2%
The name of a new book from a University of Kansas scholar shows how Taylor Swift and her unprecedented success illustrate how women, whether global icons or working moms, power the economy.
What is "Swiftynomics"
This occurs when producers will not or cannot offer goods or services at current prices
What is a shortage?
An economy based on Habit, custom, ritual
What is a Traditional Economy
A period of a macroeconomic expansion followed by a period of contraction.
What is the Business Cycle
Demand Pull Theory, Quantity Therory and this other theory that make up the 3 reasons or types of inflation
What is Cost-Push Theory
This state's GDP dropped 6.1% in early 2025, tied for the worst in the U.S. with Nebraska
What is Iowa
These are the Three Factors of Production
What is Land, Labor, and Capital
These economies face problems of poor quality goods, shortages, and diminishing production.
What are Command or Centrally Planned Economies
Tell where the Economy is headed
Examples: Building Permits, Orders for Consumer and Industrial Goods, and the Stock Market
What are Leading Indicators
The term for the thing we use to calculate the price of a standard group of goods.
Consumer Price Index (CPI)
Powell and the Federal Reserve defied Trump once again by voting to do this yesterday
What is keep short-term interest rates unchanged
Graph that explains production in an economy (Trade-offs)
Shows alternative ways that an economy can use its resources.
Shows the maximum possible output for that economy.
What is a Production Possibilities Frontier/Curve
Private Property, the price system, entrepreneurship, and this make up the Pillars of Free Enterprise
What is Competition?
GDP is adjusted for inflation
What is Real GDP
Temporary, unavoidable unemployment
What is Frictional Unemployment
These people are 4,000 times more likely to hold public office
Who are Billionaires
When you decide how much more or less to do, you are said to be doing this.
THINKING AT THE MARGIN
A model that demonstrates how money flows from producers to workers as wages and flows back to producers as payment for products.
What is the Circular Flow Diagram?
GDP figured on a per person basis
What is GDP Per Capita
All available labor resources are being used in the most economically efficient way leading to an unemployment rate below 5%
What is Full Employment
These rates fell to the lowest level in more than three years
What are Mortgage Rates