Economics Final Word Scramble
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| Question | Answer |
| Branch of knowledge concerned with production, consumption, and transfer of wealth | Economics |
| Study of how individuals and companies make decisions to allocate scarce resources | Microeconomics |
| Quantity demanded is greater than the quantity supplied at market price | Shortage |
| Where you get your job in the circular flow model | Factor Market |
| Where you buy products in the circular flow model | Product Market |
| Increase in value of the national output, income, and expendature | Economic Growth |
| Who can make more period | Absolute Advantage |
| Who gives up less when producing a certain good | Comparative Advantage |
| Mandated maximum amount a seller is allowed to charge for a product or service | Price Ceiling |
| Result of price ceiling | Demand > supplied, shortage |
| Set minimum purchase cost for a product or service | Price Floor |
| Result of Price Floor | Supplied > demand, surplus |
| Inverse relationship between price and quantity demanded, if price goes up then demand goes down | Law of Demand |
| Direct relationship between supply and price | Law of Supply |
| change in consumption/ change in income | MPC |
| 1- mpc | MPS |
| Theory that argues that rising public sectors drive out private investment | crowding out effect |
| 1/rr | money multiplier |
| Shows the flow of income through the household sector and the business sector | Circular Flow Model |
| Decreasing the money supply, example increasing taxes | Contractionary fiscal policy |
| Increasing the money supply | Expansionary fiscal policy |
| Shows how the demand and supply of loanable funds affects the real interest rate and the quantity of loandable funds | loanable funds graph |
| Total output | aggregate expenditures |
| Consumption/ Disposable Income | APC |
| Savings/ Disposable income | APS |
| Government intervention in economics is helpful would be said by... | Keynes |
| High inflation, high unemployment, and show economic growth | staglfaltion |
Created by:
vivianbivens13
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