Brainscape's Knowledge GenomeTM

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


See full index

EBE > economics > Flashcards

economics Flashcards

1
Q

is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.

A

economics

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

A means by which governments organize and distribute available resources, services, and goods across a geographic region or country

A

economic system

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

is a systematic process that businesses use to analyze which decisions to make and which to forgo.

A

cost-benefit analysis

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

a Latin phrase that means “all other things held constant” all else being equal.

A

ceteris paribus

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

is the social science that studies the implications of incentives and decisions, specifically how those affect the utilization and distribution of resources on an individual level

A

microeconomics

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

is a branch of economics that studies the behavior of an overall economy, which encompasses markets, businesses, consumers, and governments.

A

macroeconomics

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

The choices necessitated because society’s material wants for goods and services are unlimited but the resources available to satisfy these wants are limited.

A

economizing problem

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

occurs when a person does not work full time or takes a job that does not reflect their actual training and financial needs.

A

underemployment

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

an efficient market whereby all goods and services meet the needs and wants of society

A

allocative efficiency

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

is an economic state where resources cannot be reallocated to make one individual better off without making at least one individual worse off.

A

Pareto Efficiency

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

when at least one person’s economic position is better but only when no one else’s situation is made worse

A

Pareto Superior

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

represents the potential benefits that a business, an investor, or an individual consumer misses out on when choosing one alternative over another.

A

Opportunity Cost

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

is a curve on a graph that illustrates the possible quantities that can be produced of two products if both depend upon the same finite resource for their manufacture.

A

production possibilities frontier

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

is an increase in the production of economic goods and services in one period of time compared with a previous period.

A

economic growth

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

is an economy that allows private property ownership and allows businesses and consumers to freely use capital. However, governments can intervene through regulation of the economy if it’s deemed in the best interest of everyone.

A

mixed economic system

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

An economic system that’s centrally planned with some degree of state or social control of production

A

socialism

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

is an economic system wherein private companies and individuals own property and capital goods. The fundamental basis of capitalism is that the market (or the forces influencing the market) determines prices and production in the economy.

A

capitalism

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

a French term that translates to “leave alone” (literally, “let you do”), is that the less the government is involved in the economy, the better off business will be, and by extension, society as a whole.

A

laissez-faire

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

is a place where parties can gather to facilitate the exchange of goods and services.

A

market

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

refers to any place where securities, currencies, and bonds are traded between two parties.

A

financial market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

brings many people together for the sale and purchase of specific lots of goods. The buyers or bidders try to top each other for the purchase price. The items for sale go to the highest bidder.

A

auction market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

refers to an illegal market where transactions occur without the knowledge of the government or other regulatory agencies.

A

underground or black market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

is an economic concept that relates to a consumer’s desire to purchase goods and services and willingness to pay a specific price for them.

A

desire

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

a graph of the relationship between the price of a good and the quantity supplied. slopes upward. As prices increase, suppliers provide more of a good or service.

A

supply curve

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

a graph of the relationship between the price of a good and the quantity demanded. slopes downward, from left to right. As prices increase, consumers demand less of a good or service.

A

demand curve

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

a measurement of the total amount of demand for all finished goods and services produced in an economy.

A

aggregate demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

the total amount of goods (including services) supplied by businesses within a country at a given price level.

A

aggregate supply

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

a table that shows the quantity demanded of a good or service at different price levels

A

demand schedule

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

a table that shows the quantity supplied at each price

A

supply schedule

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

a state in which market supply and demand balance each other.

A

equilibrium

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

the mandated maximum amount a seller is allowed to charge for a product or service.

A

price ceiling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

the lowest legal price that can be paid in markets for goods and services, labor, or financial capital.

A

price floor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

describes the amount of an asset or resource that exceeds the portion that’s actively utilized

A

surplus

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it

A

consumer surplus

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

occurs when goods are sold at a higher price than the lowest price the producer was willing to sell for

A

producer surplus

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

occurs when expenses exceed revenues, imports exceed exports or liabilities exceed assets, resulting in a negative balance.

A

deficit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises

A

law of demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

the claim that, other things equal, the quantity supplied of a good rises when the price of the good rises

A

law of supply

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price

A

price elasticity of demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

A situation in which consumer demand is sensitive to changes in price. is when the change in demand is large when there is a change in price

A

elastic demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

A situation in which an increase or a decrease in price will not significantly affect demand for the product

A

inelastic demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

infinity. Changes in price result in demand or supply declining to zero

A

perfectly elastic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

greater than 1. Changes in price yield a significant change in demand or supply

A

elastic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q
  1. Changes in price yield equivalent (percentage) changes in demand or supply
A

unitary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

less than 1. Changes in price yield an insignificant change in demand

A

inelastic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q
  1. Changes in price yield no change in demand
A

perfectly inelastic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

is the responsiveness of a supply of a good or service after a change in its market price.

A

price elasticity of supply

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

Scottish economist who wrote the Wealth of Nations a precursor to modern Capitalism. Father of Economics

A

Adam Smith

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

a market structure in which there is only a single buyer of a good, service, or resource

A

Monopsony

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

a single buyer in a factor market

A

Monopsony

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

Minimum wage in the Philippines

A

610

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

a market structure in which many companies sell products that are similar but not identical

A

Monopolistic competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

A market structure in which a few large firms dominate a market

A

Oligopoly

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

A market in which there are many buyers but only one seller.

A

monopoly

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

a market structure in which a large number of firms all produce the same product

A

perfect competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

A market structure in which one firm sells a unique product, into which entry is blocked, in which the single firm has considerable control over product price, and in which nonprice competition may or may not be found.

A

pure monopoly

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

factors of production

A

land, labor, capital, entrepreneurship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

Formula of Price Elasticity of Supply

A

change in supply/change in price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

% change in quantity demanded / % change in price

A

Formula of Price Elasticity of Demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

is the economic principle that economic decisions are made and economic behavior occurs in terms of incremental units, rather than categorically.

A

marginalism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

As more of a variable resource is added to a given amount of a fixed resource, marginal product eventually declines and could become negative

A

law of diminishing marginal returns

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
61
Q

the rate at which a consumer would be willing to trade off one good for another

A

Marginal Rate of Substitution

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
62
Q

attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that a set of prices exists that will result in an overall state of stability

A

General Equilibrium Theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
63
Q

developed a new branch of economics known as Keynesian economics or macroeconomics.

A

John Maynard Keynes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
64
Q

stating that government spending should increase during business slumps and be curbed during booms. advocated government intervention to kick-start the economy.

A

Keynesian Economics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
65
Q

A theory that government should control the money supply to encourage economic growth and restrain inflation.

A

monetarism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
66
Q

a framing effect in which people make decisions about a current situation based on what they have previously invested in the situation

A

sunk cost fallacy

67
Q

Describes the emotional difficulty of deciding whether to proceed with or abandon a project when time and money have already been spent but the desired results have not been achieved

A

sunk cost dilemma

68
Q

estimating the likelihood of events based on their availability in memory

A

availability heuristics

69
Q

Cognitive limitations that constrain one’s ability to interpret, process, and act on information.

A

bounded rationality

70
Q

Emphasises unequal and unstable nature of capitalism.
Seeks a radically different approach to basic economic questions.
Rather than relying on free-market advocate state intervention in ownership, planning and distribution of resources.

A

Marxian Economics

71
Q

is often considered the foundation of modern economics. It was developed by Adam Smith, David Ricardo, Jean-Baptiste Say. suggests that generally, economies work most efficiently when government intervention is minimal and concerned with the protection of private property, promotion of free trade and limited government spending.

A

Classical Economics

72
Q

built on the foundations of free-market based classical economics. It included new ideas such as:
Utility maximisation.
Rational choice theory
Marginal analysis. How individuals will make decisions at the margin – choosing the best option given marginal cost and benefit.

A

Neo-classical economics

73
Q

an Austrian economist who wrote Principles of Economics in 1871, is considered by many to be the founder of the Austrian school of economics.

A

Carl Menger

74
Q

uses logic of a priori thinking to discover economic laws of universal application, whereas other mainstream schools of economics make use of data and mathematical models.

A

Austrian Economics

75
Q

A modern interpretation of classical economics.
Considerable overlap with monetarism. Essentially concerned with the promotion of free-markets, competition, free trade, privatisation, lower government involvement, but some minimal state intervention in public services like health and education.

A

Neo-liberalism/neo-classical

76
Q

People get carried away by asset bubbles.

A

Irrational exuberance

77
Q

how the framing of decisions affects the outcome

A

Nudges/choice architecture

78
Q

It examines the psychology behind economic decision making and economic activity.

A

behavioral economics

79
Q

Concerned with issues of poverty and under-development in poorer countries of the world. Is concerned with both micro and macro aspects of economic development.

A

Development Economics

80
Q

Use of data to find simple relationships. uses statistical methods, regression models and data to predict the outcome of economic policies.

A

Econometrics

81
Q

Concentration on wages, labour employment and labour markets. Recent developments in have placed greater emphasis on non-monetary factors, such as motivation, enjoyment and labour market imperfections.

A

Labour Economics

82
Q

Philippines inflation rate

A

2.8%

83
Q

the standard measure of the value added created through the production of goods and services in a country during a certain period.

A

Gross Domestic Product (GDP)

84
Q

One of the earliest recorded economists was —-. who wrote that labor, materials, and time needed to be allocated efficiently to overcome scarcity

A

8th-century B.C. Greek farmer and poet Hesiod

85
Q

Adam Smith’s book entitled

A

An Inquiry Into the Nature and Causes of the Wealth of Nations

86
Q

refers to economic fluctuations between periods of expansion and contraction

A

Economic cycle

87
Q

Four Stages of Economic Cycle

A

expansion, peak, contraction, trough

88
Q

the economy experiences relatively rapid growth, interest rates tend to be low, and production increases. The economic indicators associated with growth, such as employment and wages, corporate profits and output, aggregate demand, and the supply of goods and services, tend to show sustained uptrends through the expansionary stage.

A

Expansion Stage

89
Q

when growth hits its maximum rate. Prices and economic indicators may stabilize for a short period before reversing to the downside.

A

Peak Stage

90
Q

occurs when growth slows, employment falls, and prices stagnate. As demand decreases, businesses may not immediately adjust production levels, leading to oversaturated markets with surplus supply and a downward movement in prices.

A

Contraction

91
Q

cycle is reached when the economy hits a low point, with supply and demand hitting bottom before recovery. The low point in the cycle represents a painful moment for the economy, with a widespread negative impact from stagnating spending and income. The low point provides an opportunity for individuals and businesses to reconfigure their finances in anticipation of a recovery.

A

Trough

92
Q

is a dramatic and sustained downturn in economic activity, with symptoms including a sharp fall in economic growth, employment, and production. can be defined as a recession that lasts longer than three years or that results in a decline of at least 10% in annual GDP.

A

depression

93
Q

studies the relationship between a society’s resources and its production or output, and their opinions help shape economic policies related to interest rates, tax laws, employment programs, international trade agreements, and corporate strategies.

A

economist

94
Q

detail a country’s economic performance. Published periodically by governmental agencies or private organizations, economic indicators often have a considerable effect on stocks, employment, and international markets.

A

economic indicators

95
Q

measures the level of retail price changes, and the costs that consumers pay, and is the benchmark for measuring inflation.

A

consumer price index

96
Q

individuals produced necessities from building dwellings, growing crops, and hunting game at the household or tribal level.

A

Primitivism

97
Q

A political and economic system of Europe from the 9th to 15th century, was defined by the lords who held land and leased it to peasants for production, who received a promise of safety and security from the lord.

A

feaudalism

98
Q

The application of econometrics theory &principles to real world situations.

A

applied economics

99
Q

a general increase in prices and fall in the purchasing value of money.

A

inflation

100
Q

4 Basic Economics Question

A

What to produce?
How to produce?
For whom to produce?
What provisions (if any) are to be made for economic growth?

101
Q

Everyone faces decisions that put one option above the other. Most decisions, especially economic ones, involve trading off one thing for another.

A

people face trade-offs

102
Q

Since people face these trade-offs, a decision requires a comparison of the costs against the benefits of alternative courses of action. Sometimes, the most obvious action or answer isn’t the first one you would think of.

A

the cost of something is what you give up to get it

103
Q

In general, economists like to assume that people are rational thinkers. Still, they look at marginal changes to describe small adjustments to the plan of action. Another way of looking at this is that people make decisions when they think at the margin, or around the edge of a plan of action

A

rational people think at the margin

104
Q

This economic principle isn’t surprising but makes a lot of sense when we consider the last few principles. Since consumers make decisions by comparing benefits and cost, what happens when that scale changes? That’s where incentives play a part.

A

people respond to incentives

105
Q

in his Principles of Economics outlines Ten Principles of Economics

A

Gregory Mankiw

106
Q

This one seems obvious, but trade can be a positive for all parties involved. It’s not like a competition where one side wins and the other loses. In trade, all parties can win by focusing on what they’re best at.

A

trade can make everyone better off

107
Q

A lot of countries used to have a centrally planned economy but are now moving towards market economies.

In a market economy, decisions are made collectively by millions of households and firms that have a stake in the economy. If you think about it, it’s like a cycle. Households decide where they’ll work, and firms decide who they want to hire and what to produce. These two parties interact in the market economy where decisions are guided by self-interest.

A

markets are usually a good way to organize economic activity

108
Q

Well, the hand actually relies on the government for protection. The market will only work if certain rights are enforced, and the hand needs help in organizing economic activity within the market, namely, to promote both efficiency and equity.

A

government can sometimes improve market outcomes

109
Q

As we know, there are different standards of living in different countries, and this is directly correlated to the country’s productivity.

A

a country’s standard of living depends on a country production

110
Q

This one is relatively simple. Prices follow inflation, and a high rate of inflation increases costs, so economic policymakers aim for a lower level of inflation to keep the market moving. In most cases of a high rate of inflation, the cause is that there’s too much money in circulation. When governments print more money and there’s more available, its value decreases.

A

prices rise when the government prints too much money

111
Q

Another result that occurs when there’s more money circulating is a lower rate of employment. Economists use the Phillips Curve to trace the correlation between the two, which helps them understand market and business cycles. The Phillips Curve aims to push inflation and unemployment in opposite directions.

A

Society faces a short-run trade-off between inflation and unemployment

112
Q

The value of a currency expressed in terms of the amount of goods or service that one unit of money can buy

A

purchasing power

113
Q

An economic theory that compares different countries’ currencies through a market basket of goods’ approach

A

purchasing power parity

114
Q

Occurs when the desires of buyers & sellers align exactly so that neither group has reason to change in behavior

A

market equilibrium

115
Q

goods that serve the same purpose as the original and can be used as an alternative

A

substitutes

116
Q

Are two or more distinct items or goods whose use is associated or interrelated with each other

A

complementary goods

117
Q

As a household’s income increases, the percentage of income spent on good decreases while the proportion spent another goods (such as luxury goods)increases.

A

Engel’s Law

118
Q

The intersection of demand for labor and the supply of labor at point e will yield the equilibrium wage rate

A

equilibrium point

119
Q

human behavior based on comparison of marginal costs and marginal benefits; behavior designed to maximize total utility

A

rational behavior

120
Q

the study of the costs and benefits of doing a little bit more of an activity versus a little bit less

A

marginal analysis

121
Q

Additional benefits; the benefits connected with consuming an additional unit of a good or undertaking one more unit of an activity.

A

marginal benefits

122
Q

the cost of producing one more unit of a good

A

marginal cost

123
Q

(1772-1823)-English economist who formulated the “iron law of wages,” according to which wages would always remain at the subsistence level for the workers because of population growth. best known for his theory on wages and profit, the labor theory of value, the theory of comparative advantage, and the theory of rents.

A

David Ricardo

124
Q

best-known works include Principles of Political Economy, Utilitarianism, On Liberty, and The Subjection of Women.

A

John Stuart Mill

125
Q

economists use the scientific method to make generalizations and abstractions to develop theories

A

theoretical economics

126
Q

are statements about economic behavior or the economy that enable prediction of the probable effects of certain actions

A

principles

127
Q

A collection of public policies that affect the health of the economy, which includes taxing and spending policies (fiscal policy), monetary policy, regulatory policy, and trade policy.

A

economic policy

128
Q

the process of removing unnecessary details from a situation to focus on the essential elements that matter.

A

abstractions

129
Q

the analysis of facts or data to establish scientific generalizations about economic behavior

A

positive economics

130
Q

The part of economics involving value judgments about what the economy should be like; focused on which economic goals and policies should be implemented; policy economics.

A

normative economics

131
Q

the incorrect belief that what is true for the individual, or part, must necessarily be true for the group, or the whole

A

fallacy of composition

132
Q

false assumption that because one event occurred before another event, it must have caused that event

A

post hoc fallacy

133
Q

A measure of the relationship between two variables

A

correlation

134
Q

A cause and effect relationship in which one variable controls the changes in another variable.

A

causation

135
Q

a visual representation of the relationship between two variables

A

graph

136
Q

horizontal axis

A

independent variable

137
Q

vertical axis

A

dependent variable

138
Q

employed resources are providing maximum satisfaction of our economic wants

A

full production

139
Q

producing the largest number of products and services based on the resources available

A

productive efficiency

140
Q

shows how money moves through an economy in a constant loop from producers to consumers and back again

A

circular flow model

141
Q

is the change in demand for a good or service caused by a change in a consumer’s purchasing power, due to a change in real income

A

income effect

142
Q

substitution effect

A

is the decrease in sales for a product that can be attributed to consumers switching to cheaper alternatives when its price rises

143
Q

is a good where, when an individual’s income rises, they buy more of that good.

A

normal good

144
Q

is a good where, when the individual’s income rises they buy less of that good.

A

inferior good

145
Q

products that have no connection or relationship to each other and do not affect each other in any way.

A

unrelated goods

146
Q

is where the supply of goods matches demand.

A

equilibrium price

147
Q

when supply equals demand for a product.

A

equilibrium quantity

148
Q

is the idea that the best economic benefit for all can usually be accomplished when individuals act in their own self-interest

A

self interest

149
Q

is an economic system where few restrictions are placed on business activities and ownership in terms of trade and government intervention

A

freedom of enterprise

150
Q

The freedom of owners of property resources to employ or dispose of them as they see fit, of workers to enter any line of work for which they are qualified, and of consumers to spend their incomes in a manner that they think is appropriate.

A

freedom of choice

151
Q

the process wherein a company or individual decides to focus their labor on a specific type of production.

A

specialization

152
Q

the assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.

A

division of labor

153
Q

is the principle that consumers, through their purchasing decisions, determine the demand for goods and services, and therefore have a powerful influence on what is produced and how it is produced.

A

consumer sovereignty

154
Q

a metaphor for the unseen forces that move the free market economy.

A

invisible hand

155
Q

a conflict in priorities between a person or group and the representative authorized to act on their behalf.

A

principal-agent problem

156
Q

free benefits that third parties or society receive from the actions of others.

A

spillover benefits

157
Q

the burden on a shared resource that is created by its use or overuse by people who aren’t paying their fair share.

A

free-rider problem

158
Q

is when an individual who is not employed and is seeking employment, cannot find work.

A

unemployment

159
Q

unemployment rate in dec 2023

A

3.1%

160
Q

have characteristics of both private and public goods, including partial excludability, partial rivalry, partial diminishability and partial rejectability.

A

quasi-public goods

161
Q

is a good or service used in the eventual production of a final good or finished product.

A

intermediate goods

162
Q

a final product ready for sale that is used by the consumer to satisfy current wants or needs

A

final goods

163
Q

the result of workers searching for new employment or transitioning from their old jobs to new ones.

A

frictional unemployment

164
Q

unemployment that rises during economic downturns and falls when the economy improves

A

cyclical unemployment

165
Q

increases in the price level (inflation) resulting from an excess of demand over output at the existing price level, caused by an increase in aggregate demand

A

demand-pull inflation

166
Q

When prices rise due to an increase in the cost of production.

A

cost push inflation

EBE (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions