a measure of responsiveness of the quantity of a raw good or service demanded to
changes in its price
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demand price
the cost added by producing one extra item of a product
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marginal cost
an increase in price results in an increase in the quantity supplied
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law of supply
period of general economic demise, defines usually as a contraction in the GDP for 6
months or longer. marked by high unemployment, stagnant wages, and a fall in retail
sales
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recession
a type of fiscal policy focused on increasing the size of a country's money supply in
relation to demand, taking advantage of the increased capital to announce tax cuts
and higher government expenditure to spur economic growth
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expansionary monetary policy
an economy where there are economic activities between the domestic community
and outside
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open economy
, the amount of funds that banks must hold in reserve against deposits made by their
customers
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required reserve rate
higher real wage makes leisure more expensive. higher rate of return makes current
consumption more expensive
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substitution effect
banks keep a fraction of deposits on hand as desired reserves
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fractional reserve system
interest rate adjusted for inflation
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real interest rate
changes in its price
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demand price
the cost added by producing one extra item of a product
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marginal cost
an increase in price results in an increase in the quantity supplied
,Give this one a try later!
law of supply
period of general economic demise, defines usually as a contraction in the GDP for 6
months or longer. marked by high unemployment, stagnant wages, and a fall in retail
sales
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recession
a type of fiscal policy focused on increasing the size of a country's money supply in
relation to demand, taking advantage of the increased capital to announce tax cuts
and higher government expenditure to spur economic growth
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expansionary monetary policy
an economy where there are economic activities between the domestic community
and outside
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open economy
, the amount of funds that banks must hold in reserve against deposits made by their
customers
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required reserve rate
higher real wage makes leisure more expensive. higher rate of return makes current
consumption more expensive
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substitution effect
banks keep a fraction of deposits on hand as desired reserves
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fractional reserve system
interest rate adjusted for inflation
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real interest rate
