Econ Content Quiz
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Macroeconomics | studies the performance of the economy as a whole, including government policies such as the actions of the Treasury, the Federal Reserve, and even Congress.
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| Microeconomis | Looks at the behavior of individuals in the market and the factors that affect their choices and behaviors (which restaurant will you eat at, which movie will you buy a ticket for, which apartment will you rent, which job will you take?).
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| Opportunity Cost | money spent on one thing is gone and cannot then be spent on another.
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| Equilibrium Price | The price at which the quantity supplied of something equals the quantity of that thing demanded, so both the quantity and price do not change
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| Relative Price | the price of one good or service compared to the prices of others.
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| Competition | lowers costs and prices, and encourages producers to produce more of what consumers are willing and able to buy
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| Function Of Money | whether in a form of cash or credit, makes it easier to trade, borrow, save, invest, and compare the value of goods and services.
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| Adam Smith | wrote the first economics book, An Inquiry into the Nature and Causes of the Wealth of Nations. He suggested that society would be best served if people just looked out for their own interests, without much government interference
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| Laissez-fare economics | French for "leave it alone." Not having much government interference and people just looked out for their own interests.
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| Capitalism | free enterprise/ free-market system, as they call for the least government regulation and the most initiative or freedom by the individual.
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| Socialism | based on the government owning only the major means of production (as a safety net for the population) and attempting to equalize distribution of income, while encouraging free enterprise in other areas
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| Mixed Economy | attempting to equalize distribution of income, while encouraging free enterprise in other areas.
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| Deficit Spending | theory that the government should spend money it does not yet have to stimulate the economy and pull the country out of a recession or depression.
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| Nonprofit institution | exempt from most taxes, include many private hospitals, schools, charities, and religious groups.
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| Corporations | Generally limit liability and allow people to pool their investment resources through buying stocks, making it easier for people to invest.
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| Gross Domestic Product | A measure of a nation's economic output and income.
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| Trade barriers | Government-induced restrictions on international trade. Tariffs is a tax on imports and quotas is a quantity limit.
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| Scarcity | The more people who want certain things, the scarcer those things are
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| Interest Rates | The amount paid to borrow money
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| Entrepreneurs | People who take the risks of organizing productive resources to make goods and services, often to make new or improved products.
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| The Great Depression | 1930's, cheap goods still unaffordable by unemployed and poverty-stricken consumers.
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| Globalization | idea that all countries are intertwined, especially in an economic way, usually to the dismay of people who are losing jobs or markets for goods to other countries.
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| The New Deal | a series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States between 1933 and 1939.
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| Monopoly | A producer who either buys up or drives out of business all the other producers of a good or service. One person or company owns all of a good or service.
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| Tax | a compulsory financial charge or some other type of levy imposed on a taxpayer by a governmental organization in order to fund government spending and various public expenditures.
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| Inflation | a general increase in prices and fall in the purchasing value of money
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
kayrose2925
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