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Micro/Macro Economics Flashcards | StudBud
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Micro/Macro Economics
Micro/Macro Economics
15 terms
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StudBud Administration
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#civics
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
what policy does the federal government deal with
spending
fiscal
2
study of choices made by entire industries & countries
macroeconomics
services
3
ability to produce more than another country
some advantage
comparative advantage
no advantage
absolute advantage
4
what is a deficit
spending all money
spending more than you make
5
what is the study of choices in a world full of unlimited wants
economics
goods
6
ability to produce more than another country with less opportunity costs
absolute advantage
comparative advantage
7
you pay someone to do this
resources
tangible
services
8
what is it when you choose one thing over another
taxi cab
trade off
9
focusing on one small task
labor
technology
specialization
10
what policy does the FED deal with
monetary
fiscal
11
what is debt
total amount of deficit in one
government spending
12
what is an example of price ceiling
government gives companies loans
government takes there money
government puts a cap on prices to keep goods
13
what is a surpluis
making more than you spend
spending all
14
dividing tasks among people
division of labor
entrepreneurship
capital
15
what is supply?
amount of product
producers willingness to sell a good
