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Economics Final

QuestionAnswer
Branch of knowledge concerned with production, consumption, and transfer of wealth Economics
Study of how individuals and companies make decisions to allocate scarce resources Microeconomics
Quantity demanded is greater than the quantity supplied at market price Shortage
Where you get your job in the circular flow model Factor Market
Where you buy products in the circular flow model Product Market
Increase in value of the national output, income, and expendature Economic Growth
Who can make more period Absolute Advantage
Who gives up less when producing a certain good Comparative Advantage
Mandated maximum amount a seller is allowed to charge for a product or service Price Ceiling
Result of price ceiling Demand > supplied, shortage
Set minimum purchase cost for a product or service Price Floor
Result of Price Floor Supplied > demand, surplus
Inverse relationship between price and quantity demanded, if price goes up then demand goes down Law of Demand
Direct relationship between supply and price Law of Supply
change in consumption/ change in income MPC
1- mpc MPS
Theory that argues that rising public sectors drive out private investment crowding out effect
1/rr money multiplier
Shows the flow of income through the household sector and the business sector Circular Flow Model
Decreasing the money supply, example increasing taxes Contractionary fiscal policy
Increasing the money supply Expansionary fiscal policy
Shows how the demand and supply of loanable funds affects the real interest rate and the quantity of loandable funds loanable funds graph
Total output aggregate expenditures
Consumption/ Disposable Income APC
Savings/ Disposable income APS
Government intervention in economics is helpful would be said by... Keynes
High inflation, high unemployment, and show economic growth staglfaltion
Created by: vivianbivens13
Popular Economics sets

 

 



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