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Midterm > Economics > Flashcards

Economics Flashcards

1
Q

Law of Demand

A

Inverse relationship between price and demand

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2
Q

Law of Supply

A

Direct relationship between price and supply

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3
Q

Equilibrium Price

A

Market happy place

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4
Q

Law of Diminishing Marginal Utility

A

With every use of a product satisfaction goes done

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5
Q

Shortage

A

Price product below equilibrium price

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6
Q

Surplus

A

Price product above equilibrium price

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7
Q

Profit

A

Income minus expenses

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8
Q

Scarcity

A

Lack of gives value

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9
Q

Opportunity Cost

A

What you sacrifice when you make a choice

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10
Q

Stock

A

Sharing company

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11
Q

Bond

A

I owe you from the government

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12
Q

Mutual Fund

A

Bunch of stocks in one product

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13
Q

ROI

A

Return on investment

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14
Q

Capital

A

Money

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15
Q

Free Enterprise

A

Laissez Faire

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16
Q

Normal Good

A

Demand goes up in a good economy

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17
Q

Inferior Good

A

Demand goes up in a bad economy

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18
Q

The Federal Reserve

A

Regulates interest rate

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19
Q

Interest Rate

A

Amount a lender charges a borrower

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20
Q

Economics

A

Study of choices with limited resources

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21
Q

Microeconomics

A

The study of individual choices

22
Q

Macroeconomics

A

The study of choices of large groups

23
Q

Entrepreneur

A

Someone who starts their own business

24
Q

GDP

A

Gross domestic product

25
Q

Recession

A

Two consecutive quarters of negative economic growth

26
Q

Human Capital

A

Workers

27
Q

401K

A

Retirement account where you pay taxes at the end

28
Q

ROTH IRA

A

Retirement account where you pay taxes up front

29
Q

“Live beneath your means”

A

Spend less than you make

30
Q

Mortgage

A

Home loan

31
Q

An increase in the price of a product will reduce the amount of it purchased because:

A

Consumers substitute relatively high-priced for relatively low-priced products.

32
Q

What will not cause the demand for product K to change?

A

A change in the price of K.

33
Q

What would not shift the demand curve for beef?

A

A reduction in the price of cattle feed.

34
Q

If the price of K declines, the demand curve for the complementary product J will:

A

Shift to the right.

35
Q

A firm’s supply curve is upsloping because:

A

Mass production economics are associated with larger levels of output.

36
Q

Adam Smith was the father of…

A

Capitalism

37
Q

What two forces comprise the Invisible Hand?

A

Supply and demand

38
Q

Laissez Faire

A

Hands off

39
Q

What was the name of Adam Smith’s most famous book that outlined the benefits of a free market economy where individuals are free to pursue their own self interest?

A

The Wealth of Nations

40
Q

Karl Marx was considered the father of…

A

Communism

41
Q

Name one of Marx’s famous books

A

The Communist Manifesto

41
Q

What was Marx’s thoughts on religions?

A

They are the opium of the masses.

42
Q

Karl Marx believed that private property should be…

A

Abolished

43
Q

Milton Friedman was like a modern version of what other economist we studied?

A

Adam Smith

44
Q

Which U.S. President was a disciple of Friedman?

A

Reagan

45
Q

How did Milton Friedman feel about the role of government involvement in the economy?

A

Laissez Faire

46
Q

Keynesian Economics is the belief that government should do what in the event of a recession or depression?

A

Inject money into the economy

47
Q

According to Keynes, what should a government do when times are good?

A

Tax

48
Q

Nouriel Roubini has been given what nickname?

A

Dr. Doom

49
Q

Roubini predicted the…

A

2008 Recession

Midterm (5 decks)

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