Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Midterm > Economics > Flashcards

Economics Flashcards

1
Q

Law of Demand

A

Inverse relationship between price and demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Law of Supply

A

Direct relationship between price and supply

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Equilibrium Price

A

Market happy place

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Law of Diminishing Marginal Utility

A

With every use of a product satisfaction goes done

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Shortage

A

Price product below equilibrium price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Surplus

A

Price product above equilibrium price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Profit

A

Income minus expenses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Scarcity

A

Lack of gives value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Opportunity Cost

A

What you sacrifice when you make a choice

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Stock

A

Sharing company

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Bond

A

I owe you from the government

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Mutual Fund

A

Bunch of stocks in one product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

ROI

A

Return on investment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Capital

A

Money

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Free Enterprise

A

Laissez Faire

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Normal Good

A

Demand goes up in a good economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Inferior Good

A

Demand goes up in a bad economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

The Federal Reserve

A

Regulates interest rate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Interest Rate

A

Amount a lender charges a borrower

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Economics

A

Study of choices with limited resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

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

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

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…

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…

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?

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?

48
Q

Nouriel Roubini has been given what nickname?

49
Q

Roubini predicted the…

A

2008 Recession

Midterm (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions