Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
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
Normal Size Small Size show me how
Econ WbB 7
| Term | Definition |
|---|---|
| medium of exchange | anything of value that is traded for goods and services |
| money supply (MS) | the amount of money in circulation |
| Federal Reserve System | central banking system- manages inflation, controls money supply, supervises banks, charged w/ keeping economy stable |
| nominal value | the current value w/o taking inflation or other values into consideration |
| real value | adjusted for inflation |
| inflation | a general, sustained increase in the price level of goods and services |
| inflation rate | the percentage change in the general price level of goods and services over a period of time |
| CPI | consumer price index; a measure of the price level paid by households for a representative "basket'" of goods and services |
| classical economics | supply side of economics; right; conservative; as much as possible, follow Adam Smith (laissez faire, invisible hand) tax cuts and balancing budget (spending and revenue are equal); leftover= surplus; spend more than make: deficit |
| keynesian economics | most important thing is to keep economy moving! gov't should intervene. |
| multiplier effect | if you put money in, gov't debt is preferable to a contraction more money is created; a concept of keynesian econ |
Created by:
azran09
Popular Economics sets