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Key terms
Economics
GDP
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- 100 What is market value of all officially
recognized final goods and services produced
within a country in a year, or other given period
of time?
C1-100
GDP
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- 200 What is the equation for GDP?
C1-200
GDP GCIXn
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- 300 If a Farmer buys a used tractor for his
farm, would the purchase of the tractor be
included on the years GDP?
C1-300
No, Only new products are included in the GDP
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- 400 How is real GDP calculated?
C1-400
Real GDP is calculated by adding all final good
and then dividing by CPI. Unlike the nominal GDP,
real GDP takes into account inflation.
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- 500 Define CPI and how is it connected to
GDP?
CPI is measures changes in the price level of a
market basket of consumer goods and services
purchased by households. We use CPI in order to
calculate inflation and real GDP.
C1-500
8
- 100 What are the shifters of demand?
C2-100
The shifters of demand are Change in the price,
Technology, Number of sellers, Future price
expectations, Prices of related goods, and
Government restrictions.
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- 200 What is the law of demand?
C2-200
As the price of a product increases, quantity
demanded lowers. Which means they are inversely
proportional.
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- 300 What is the law of supply?
C2-300
An increase in price results in a increase in
quantity. In other words they are directly
proportional.
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- 400 What is the difference between aggregate
demand/supply and demand/supply?
C2-400
Aggregate takes into account all goods in an
economy.
12
- 500 What is the difference between Concave and
convex on an graph?
C2-500
Concave is a surface that is curved inward in the
middle and convex is a surface that is curved
outward.
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- 100 What is point b?
C3-100
Point b represents full employment.
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- 200 What is the difference between SR and
LR?
C3-200
Short run is curve and Long run is linear.
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- 300 An increase in technology would shift a
production possibility curve in what direction?
C3-300
This would shift the graph to the right.
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- 400 What causes movement along a demand
graph?
C3-400
What causes movement along the graph is A
movement along the demand curve is caused by a
change in price of the good or service.
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- 500 What causes equilibrium and unemployment?

Equilibrium is when all resources are being used
efficiently. Unemployment is when there is not
enough work.
C3-500
18
- 100 What is unemployment?
number of unemployed the number of people who
are unemployed in an area, often given as a
percentage of the total labor force
C4-100
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- 200 What are the different types of
unemployment?
C3-200
Cyclical Unemployment, Frictional Unemployment,
and Structural Unemployment
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- 300 What is stagflation?
Stagflation, stagnation and inflation, is a term
used in economics to describe a situation where
an inflation rate is high, the economic growth
rate slows down, and unemployment remains
steadily high.
C3-300
21
- 400 Describe the circular flow model?
In economics, the terms circular flow of income
or circular flow refer to a simple economic model
which describes the reciprocal circulation of
income between producers and consumers.
C3-400
22
- 500 What counts as unemployment?
People not looking for a job dont count as
Unemployed. Neither do people moving from job to
job. Only people that have been out of the job
for 3 months count.
C3-500
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- 100 What are normal goods?
C4-100
In economics, normal goods are any goods for
which demand increases.
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- 200 What is ppc/ppf?
C4-200
Trade-offs facing an economy that produces only
two goods.
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- 300 What is a GDP deflator?
C4-300
For a given year is 100 times the ratio of
nominal GDP to real GDP in that year?
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- 400 What is scarcity?
C4-400
Scarcity is the fundamental economic problem of
having seemingly unlimited human wants and needs
in a world of limited resources.
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- 500 What are intermidiate Goods?
C4-500
Goods and services brought from one firm by
another firm to be used as inputs into
productions.
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- 100 Explain the difference between Macro and
micro economies?
C4-100
Macroeconomics is a branch of economics dealing
with the performance, structure, behavior, and
decision-making of an economy as a whole, rather
than individual markets. Microeconomics are is a
branch of economics that studies the behavior of
individual households and firms in making
decisions on the allocation of limited resources.
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- 200 What are supply side Economics?
C4-200
Supply-side economics is a school of
macroeconomics that argues that economic growth
can be most effectively created by lowering
barriers for people to produce (supply) goods and
services,
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- 300 Name the two type of economic theories?
C4-300
The two types of economic theories are the
classical and Keynesian.
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- 400 What is closed economy?
An economy in which no activity is conducted with
outside economies. A closed economy is
self-sufficient, meaning that no imports are
brought in and no exports are sent out. The goal
is to provide consumers with everything that they
need from within the economy's borders.
C4-400
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- 500 Explain the difference between Command and
market economy?
C4-500
A command economy is where the government control
the economy and a market is where the market is
free. The U.S. is a market and China is a
command.