Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Don't know
Know
remaining cards
Save
0:01
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards
share
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Economic Terms

A summary of key concepts from the history of economic thought

TermDefinition
Fiscal Policy Any action taken by the government which alters current revenue & exp
Monetary Policy Actions taken by the ECB which influences the money supply, interest rates and availability of credit.
Consumer Surplus The difference between what a consumer actually pays for a good and the maximum which he/she would have been willing to pay rather than going without it.
Price Elasticity of Demand (PED) Shows how sensitive or responsive demand is to a change in the price of the good itself.
Cannons of Taxation Fair tax system; equity, economy, certainty & convenience
Free Trade Without tariffs/tax, markets operate effectively & trade will be spread between nations
Laissez-faire No government intervention except for defense/justice.
Iron Law of Wages An increase in wage above subsistence level = increase in population = increase in supply of labour =decrease in wage
Protectionism When tariffs/tax is used to make imports dearer and when subsidies are used to make exports cheaper.
Economic Rent Food produced on good land earned a surplus over that produced on inferior land. This surplus led to an increased rent payable for the use of good land.
Law of Comparative Advantage A country should specialise in the production of those goods in which it is relatively most efficient and trade for the remainder of it’s requirements.
Say’s Law “Supply creates it’s own demand”.
The Multiplier Shows the relationship between an initial injection into the circular flow of income and the eventual total increase in national income.
Liquidity Preference Theory The 3 reasons (motives) for holding money, are: transactionary, precautionary , speculative
Created by: pdsteconomics