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$100 $200 $300 $400 $500 DemandSupply Key Economic AssumptionsFlowModelGDPUnemployment
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C1-$100 - $100 Temporarily unemployed or being between jobs such as individuals that are qualified workers with transferrable skills What is frictional unemployment?
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C1-$200 - $200 Changes in the structure of labor force and therefore makes some skill obsolete. What is structural unmployment?
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C1-$300 - $300 Unemployment that results from economic downturns such as recessions. What is cyclical unemployment?
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C1-$400 - $400 Is formed by Frictional unemployment and structural unemployment What is the natural rate of unemployment?
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C1-$500 - $500 Unemployment from 4 to 6 percent is normal unemployment What is full unemployment?
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C2-$100 - $100 The place where goods and services produced by businesses are sold to households What is the product market?
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C2-$200 - $200 Your text here The place where resources, land, labor capital and entrepreneurship ability sold to businesses What is resource factor market?
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C2-$300 - $300 Goods that are designed for use by final consumer What are consumer goods?
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C2-$400 - $400 The inputs of labor, natural resources and capital used to generate new goods and services What is productive resources?b
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C2-$500 - $500 Household spending on goods and services What is consumer spending?
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C3-$100 - $100 The study of scarcity and choice What is economics?
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C3-$200 - $200 Rewards or punishments that motivate particular choices What are incentives?
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C3-$300 - $300 Focuses on the choice of individuals at the most basic level What is microeconomics?
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C3-$400 - $400 The overall ups and downs of the economy overall What is a macroeconomics?
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C3-$500 - $500 An industry that is publicly owned and has a central authority making production and consumption decisions. What is command economy?
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C4-$100 - $100 What is GDP? The dollar value of all final goods and services produced within a country's borders in one year
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C3-200 - $200 Goods and services bought from one firm by another firm to be used as inputs into the production of final goods and services What are intermediate goods and services?
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C3-$300 - $300 What is investment spending? Spending on a new productive physical capital, such as machinery and structures, and on changes in inventories
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C3-$400 - $400 The difference between the value of exports and the value of imports What are net exports?
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C3-$500 - $500 The total spending on domestically produced final goods and services in the economy What is a aggregate spending?
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C4-$100 - $100 Changes in price of related goods or services, income, taxes, expectations and number of consumers. What are shifts in demand curve?
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C4-$200 - $200 Holds and inverse relationship as price rises. What is demand?
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C4-$300 - $300 A higher prices for goods or sevices all other things being equal leads to people to demand a smaller quantity of that goods and services What is the law of demand?
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C4-$400 - $400 Changes in input prices, in the price of related goods or services, changes in technology, expectations and number of producers. What are changes in supply curve?
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C4-$500 - $500 What is the law of supply? Other things being equal, the price and quantity supplied of a good are positively related
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C4-$100 - $100 The sum of the employed and the unemployed What is the labor force?
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C4-$200 - $200 The nominal interest rate minus the rate of inflation What is the real interest rate?
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C4-$300 - $300 The percent change per year in a price index, typically the consumer price index What is inflation rate?
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C4-$400 - $400 Arise from the way the inflation makes money a less reliable unit of measurement What is the unit of accounts cost?
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C4-$500 - $500 A hypothetical set of consumer purchases of goods and services What is market basket?
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