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Economics
Economics Study Guide - Test - December 5th
| Term | Definition |
|---|---|
| deals with one entity; a product, a price, a consumer, a household, a business, etc. | microeconomics |
| Father of modern economics | Adam Smith |
| According to Adam Smith, the thing that keeps markets stable. | "invisible hand" |
| the language of economics | math |
| the percentage of people looking for work, but not employed. | unemployment |
| the legal agreement between a landlord and a tenant. | lease |
| this university is known for Nobel Prizes in economics. | University of Chicago |
| big shopping day after Thanksgiving | "Black Friday" |
| any natural resource such as trees, plants, livestock, wind, sun, water, etc. | land |
| any human resource, both physical and intellectual. | labor |
| amount of money due, up front, to a landlord before you move in. | deposit |
| it involves studying the role of emotions in economic behavior. | behavioral economics |
| the value of a nation's entire economy. | GDP |
| a place where money is manufactured. | mint |
| a geographical region with a relatively high population density at its core and close economic ties throughout the area. | Metropolitan Statistical Area |
| it deals with the behavior of the economy as a whole. | macroeconomics |
| a person who recognizes a profit opportunity, organizes resources, and is willing to take a risk to make money. | entrepreneur |
| the gradual rise of prices over time. | inflation |
| anything that is manufactured in order to be used in the production of goods and services. | capital |
| this agency collects economic data from all over the USA. | US Census Bureau |
| anything that can be used to make something of value. | resource |
| any medium of exchange. | money |
| Classical economists believe that most of the time, most people will make this kind of economic decision. | rational |
| According to classical economists, what do people always have in mind when they buy something? | getting the best deal |
| a condition in which goods are bought and sold with no interference from a government. | free market |
| measure used to track the behavior of the US Stock Market. | Dow Jones Industrial Average |
| when someone buys something simply because they see it and they want it immediately, especially to make them feel better. | present bias |
| becoming attached to a certain number or price, and that number or price influences the price that you are willing to pay. | anchoring |
| the first economic bubble that economists have identified. | tulip bulb bubble - Holland, during the 1600s. |
| the largest economic bubble in US history. | Stock Market, 1920s. |
| this bubble contributed to a market crash in 2008, followed by a recession. | housing bubble. |
| nine months of falling productivity. | recession |
| a loan for a house or condominium or land. | mortgage |
| October 29, 1929 | Stock Market Crash |
Created by:
meriwetw
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