| Unit 1 Fundamental Economic Concepts | Unit 2 Microeconomics | Unit 3 Macroeconomics | Unit 4 International Trade | Unit 5 Persoanl Fianace |
|---|---|---|---|---|
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All the alternatives you give up when you make a decision.
Trade Off
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What is the price where quantity demanded equals quantity supplied. Ideal price for the market because everything made is sold?
Equilibrium/Market Clearing Price
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What is the sum of government deficits over time.
national debt
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What is a tariff high enough to protect less efficient domestic industries?
protective tariff
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What is member operated bank, provided same services as a regular bank often on better terms?
Credit Union
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Currently impossible to produce this amount. Any point outside the PPF.
Unattainable
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What is A business with one owner. Advantages: make all decisions and make all the profit. Disadvantages: unlimited liability.
Sole Proprietorship
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What is a general increase in prices and fall in the purchasing value of money.
Inflation
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What is the price of one country's currency in relation to anothers?
Exchange Rate
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What is Annual percentage rate; the annual rate of interest that is charged for using credit?
APR
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To divide up the work to complete it more quickly.
Division of labor
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Where there are many firms that sell identical products. There are no barriers to market entry. Sellers have no control over the price.
Perfect Competition
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What is the total amount of goods and services in the economy available at all possible price levels
Aggregate Supply
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What is a cycle of increasing trade restrictions?
trade war
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What is the portion of corporate profits paid out to stockholders?
dividend
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The value of the next best alternative given up. It's the thing you did not choose but was 2nd best.
Opportunity Cost
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What is a good that can be used in place of another good. Example: Butter and margarine. If the price of butter goes up, the demand for margarine increases.
Substitute goods
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What is a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
recovery
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What is policy that attempts to limit imports?
protectionism
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What is institution that helps channel funds from savers to borrowers (bank)?
financial intermediary
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A graph that describes the maximum amount of one good that can be produced for every possible level of production of the other good.
Production Possibility Frontier/Curve (PPC Chart)
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Many firms selling similar products. Try to get you to buy their product using product differentiation. Few barriers to market entry. They have little control over price.
Monopolistic Competition
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unemployment that occurs when workers' skills do not match the jobs that are available
structural unemployment
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What is tax on certain items purchased abroad?
customs duty
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What is Spreading out investments to reduce risk ( a variety of investments)?
Diversification
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