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school > Ch 3+4 econ > Flashcards

Ch 3+4 econ Flashcards

1
Q

A CD…

A

-set rate of interest over time
-protected by FDIC
-has a minimum deposit

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2
Q

Ways a bank might lure u into purchasing a Cd

A

-interest increases
-perks(prizes and memberships)

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3
Q

Is a CD taxable

A

Yes

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4
Q

Ex dividend

A

The date in which u won’t benefit from a dividend

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5
Q

Value is determined…

A

In the eyes of the consumer

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6
Q

Demand up

A

Price down

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7
Q

Demand down

A

Price up

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8
Q

Slope of demand

A

Downward curve

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9
Q

Las of demand

A

There is an inverse relationship between price and quantity demand

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10
Q

Substitues

A

Are cheaper goods than the original

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11
Q

Graph: a change in quantity demanded

A

Moves around on line

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12
Q

Graph: an increase in demand

A

Line shifts to the right

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13
Q

Graph: an increase in demand

A

Line shifts over to the left

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14
Q

Complementary goods

A

Goods that go together and can’t be substituted

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15
Q

As you continue to consume something

A

The utility diminishes

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16
Q

Demand for a product when the price decreases:

A

Demand stays the same, but the quantity demanded increases

17
Q

Price transmits

A

What ppl are willing to pay and perceived value by seller

18
Q

Shifters of demand

A

Preference, # of consumers, price of related goods, compliments, income, expections

19
Q

Price gouging

A

Raising prices extremely higher than necessary during crisis

20
Q

Law of supply

A

The higher the price willing to be paid, other things held constant, the greater the quantity produced

21
Q

Supply curve

A

Upward slope

22
Q

Supply down

A

Increase in demand

23
Q

Supply up

A

Decrease in demand

24
Q

Graph: price increases

A

Supply stays the same but quantity increases (movement along line)

25
Q

The shifters move

A

The whole supply curve

26
Q

Graph: supply down

A

Leftward shift

27
Q

Graph: supply up

A

Rightward shift

28
Q

Supply shifters

A

Price of resources, # of products, tech, taxes + subsidies, expectations

29
Q

Equilibrium

A

Where demand and supply meet

30
Q

Surplus

A

Top middle of x

31
Q

Shprtage

A

Down middle of x

32
Q

How to reduce a surplus

A

Creating sales and altering production status/marketing

33
Q

Dollar cost averaging

A

Reduces taxes on profits, the method of all 41ks

34
Q

Usury

A

Charging oppressive interest on a loan

35
Q

Once you’re in a debt

A

U become a slave to it

36
Q

Can u claim self bankruptcy

A

Yes

37
Q

Believers views on debt

A
  • debt is a sin and we shouldn’t willing go into it
    -debt can be a good thing and is inevitable

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