📈

Key Economic Concepts Flashcards

Playing as a guest

You can play free without an account. Create one to save scores and resume later.

Create account Log in Continue as guest

Key Economic Concepts Flashcards

30 cards · Click to flip · Free study mode

All 30 flashcards for Key Economic Concepts

What is economics mainly about?: Scarcity
What is money used for?: Exchange
Which market has single seller?: Monopoly
What is inflation?: Rise in prices
Which bank issues currency?: Central
Which sector includes farming?: Primary
What is trade?: Exchange of goods
What is budget?: Plan
What is saving?: Income left
Which is a factor of production?: Land
What is opportunity cost?: Next best alternative
Which market has many sellers?: Perfect comepeetition
Who regulates banks?: Central Bank
What is deficit?: Shortfall
Which organization regulates trade?: WTO
What is capital?: All
What is monetarism associated with?: Friedman
Which bank gives long-term loans?: Development
Which measure includes foreign income?: GNP
What is the term for a market with only two sellers?: Duopoly
Which organization issues the World Economic Outlook report?: IMF
Who is known as the father of modern Economics?: Adam Smith
What is the term for inflation combined with slow economic growth?: Stagflation
What is the basic economic problem?: Scarcity
Who wrote 'The General Theory of Employment, Interest and Money?: John Maynard Keynes
What is the term for the cost of the next best alternative foregone?: Opportunity Cost
Which index is most commonly used to measure inflation?: Consumer Price Index (CPI)
Which organization regulates international trade?: WTO
What is the primary factor of production provided by humans?: Labor
What is the 'World Bank' primarily concerned with?: Development and poverty reduction