Competency 2 - Economics Flashcards

1
Q

economics

A

the social science that examines how people choose to use limited or scarce resources to obtain maximum satisfaction of unlimited wants

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2
Q

classical market

A

a market theory that suggests the market functions best with minimal government interference

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3
Q

keynesian market

A

a market theory that suggests economic output is strongly total spending in the economy, especially in the short run or through recessions

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4
Q

monetary market

A

a market theory that analyzes money in its functions as a medium of exchange, store of value, and unit of account

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5
Q

neoclassical market

A

a market theory that focuses on the determination of goods, outputs, and income distribution in markets through supply and demand

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6
Q

macroeconomics

A

the study of the exonomy as a whole; includes topics such as inflation, unemployment, and exonomic growth

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7
Q

microeconomics

A

the study of the individual parts that make up the economy; includes topics such as households, business firms, and government agencies

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