Competency 2 - Economics

Question 1

economics

Answer 1

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

Question 2

classical market

Answer 2

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

Question 3

keynesian market

Answer 3

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

Question 4

monetary market

Answer 4

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

Question 5

neoclassical market

Answer 5

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

Question 6

macroeconomics

Answer 6

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

Question 7

microeconomics

Answer 7

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