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Economic Concepts

YGK These Economic Concepts

QuestionAnswer
The economic principle stating that at a given price, producers provide a certain amount and consumers buy a different amount Supply and Demand
The graphical representation of the inverse relationship between price and the amount consumers are willing to buy Downward-sloping demand curve
The graphical representation showing that as prices rise, firms are willing to produce more Upward-sloping supply curve
The point where the supply and demand curves intersect and the predicted quantity produced in a free market Equilibrium
A measure of how much one economic variable changes in response to a 1% change in another variable Elasticity
A market condition where only a single firm produces goods for the entire market Monopoly
A market environment where production is dominated by a few firms Oligopoly
A market situation characterized by having only a single consumer Monopsony
A tax placed on the import or export of a good Tariff
A government-imposed limit on the specific amount of a good that may be imported Quota
The three classical factors of production Land, labor, and capital
The factor of production sometimes added by modern economists to the classical three Entrepreneurship
The percentage of the population actively seeking work but unable to find a job Unemployment rate
The type of unemployment caused by the natural time gap between jobs Frictional unemployment
Unemployment that occurs when a worker's skills do not match the requirements of open jobs Structural unemployment
The measurement of an economy's size calculated as Consumption + Investment + Government Expenditures + Exports - Imports Gross Domestic Product (GDP)
The pace at which prices rise and currency loses its value Inflation
A tool used to measure inflation by tracking the price of a standard basket of goods over time Consumer Price Index (CPI)
The "price of money" paid by borrowers to lenders for the use of funds Interest rate
The interest rate corrected for the effects of inflation Real interest rate
The theory that trading partners benefit by specializing in what they do best relative to each other, regardless of absolute productivity Comparative advantage
The economist who illustrated comparative advantage using British cloth and Portuguese wine David Ricardo
The metaphorical notion that individuals acting in their own self-interest create an overall benefit to society Invisible hand
The author that introduced the "invisible hand" concept in 1776 Adam Smith
Book in which Adam Smith introduced the "invisible hand " concept The Wealth of Nations
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