Pedro quiz
Terms
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- What questions does economics answer
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What will be produced
How will it be produced
Who should receive the goods - Business cycle
- periodic contraction, expansion
- contraction
- period of economic downturn, rising unemployment, falling production
- economic system
- structure for allocating limited resources
- economy
- a financial and social system of how resources flow from production, to distr, to consumption
- fiscal policy
- taxation, spending
- M1
- currency, checking
- M2
- all of M1, plus savings, money market
- monetary policy
- interest rates, money supply
- monopolistic competition
- clothing, restaurants
- open market operations
- buying, selling securities, bonds
- producer price index
- measures inflation based on wholesale prices
- analyzers
- copy other firms...analyze what others do...minimize risk