| Economics 101 | Fiscal and monetary policy | Surprises and alphabet soup | Financial Market | Government and the Economy |
| 10 | 10 | 10 | 10 | 10 |
| 20 | 20 | 20 | 20 | 20 |
| 30 | 30 | 30 | 30 | 30 |
| 40 | 40 | 40 | 40 | 40 |
| 50 | 50 | 50 | 50 | 50 |
| Final Question | ||||
Economics is all about maximizing one's ______________
Economics is all about maximizing one's ______________
utility
Alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action
Alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action
Opportunity Cost
What are all 6 traits of a Market Economy? No partial points
What are all 6 traits of a Market Economy? No partial points
Private Property Markets and Prices Incentives/Self Interest Freedom of choice (this is debatable but is part of the “classic definition”) Competition Limited government role
'process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one.
'process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one.
Creative destruction
To use price discrimination sellers must be able to prevent ____________, which means they must prevent consumers who buy an item at a lower price from reselling it at a higher price.
To use price discrimination sellers must be able to prevent ____________, which means they must prevent consumers who buy an item at a lower price from reselling it at a higher price.
Arbitrage
_____________ policy is set by congress and the White house. It involves the authority to tax and spend
_____________ policy is set by congress and the White house. It involves the authority to tax and spend
Fiscal
Janet Yellan is one of the primary driver's of setting_______ policy at the ______________
Janet Yellan is one of the primary driver's of setting_______ policy at the ______________
Monetary and Federal Reserve
Funds the bank must hold in cash, either in their vaults or on deposit at a Federal Reserve Bank
Funds the bank must hold in cash, either in their vaults or on deposit at a Federal Reserve Bank
Reserve Requirement
The buying and selling of government securities through primary dealers by the Federal Reserve in order to control the money supply
The buying and selling of government securities through primary dealers by the Federal Reserve in order to control the money supply
Open Market Operations
The interest rate charged by the federal reserve to banks for loans through their discount window
The interest rate charged by the federal reserve to banks for loans through their discount window
Discount Rate
The economic value of an employee's skill set
The economic value of an employee's skill set
Human Capital
___________________ is when two parties in a transaction do not have the same information. I need the term and an example
___________________ is when two parties in a transaction do not have the same information. I need the term and an example
asymmetric information
What is GDP? words, definition and equation necessary
What is GDP? words, definition and equation necessary
Gross Domestic product, the total value of goods produced and services provided in a country during one year.
What is CPI? words and definition
What is CPI? words and definition
Consumer Price Index: A measure that examines the weighted average of prices of a number of consumer goods and services
The market in which banks can borrow or lend reserves, allowing banks temporarily short of their required reserves to borrow from banks that have excess reserves
The market in which banks can borrow or lend reserves, allowing banks temporarily short of their required reserves to borrow from banks that have excess reserves
Federal funds market
The actual profit from an investment after adjusting for inflation
The actual profit from an investment after adjusting for inflation
Real Return
A type of security that signifies ownership in a corporation and represents a claim on part of the corporation's assets and earnings
A type of security that signifies ownership in a corporation and represents a claim on part of the corporation's assets and earnings
Stocks
A debt investment in which an investor loans money to an entity (typically corporate or governmental) which borrows the funds for a defined period of time at a variable or fixed interest rate.
A debt investment in which an investor loans money to an entity (typically corporate or governmental) which borrows the funds for a defined period of time at a variable or fixed interest rate.
Bonds
The ability to convert an asset to cash quickly
The ability to convert an asset to cash quickly
liquidity
The theory that all market participants receive and act on all of the relevant information as soon as it becomes available
The theory that all market participants receive and act on all of the relevant information as soon as it becomes available
efficient markets theory
What is the cost or benefit that affects a party who did not choose to incur that cost or benefit
What is the cost or benefit that affects a party who did not choose to incur that cost or benefit
Externalities
Government has to provide these goods or services because of the free rider problem
Government has to provide these goods or services because of the free rider problem
Public Goods
what do you call legislation to limit monopolistic behavior?
what do you call legislation to limit monopolistic behavior?
Anti-trust laws
what is a Laffer curve and what economic theory support
what is a Laffer curve and what economic theory support
supply side economics
What are all 6 justifications for government intervention in the economy? Also I need a specific example of each one. No partial points
What are all 6 justifications for government intervention in the economy? Also I need a specific example of each one. No partial points
Maintaining Legal and social Framework, correcting externalities, providing public goods, redistributing wealth, stabilizing the economy, and regulating competiyion
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