Economics Grab Bag

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Can you name the common terms, definitions, and thinkers of Economics?

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The impact of one person's decisions upon a neighbor's well-being.
A cost that has already occured and cannot be recovered.
The market value of all final goods and services produced within an economy in a certain period of time.
Represents what is given up when an entity makes a decision.
The Golden Rule of profit maximization states the the profit maximizing quantity of output occurs where ______________.
Occurs when quantity demanded exceeds the quantity supplied.
The type of policy described by the manipulation of the money supply by the central bank.
The study of how society allocates its scarce resources.
A prolonged, severe recession.
A measure of the overall price of goods and services to consumers.
HintAnswer
Committee of the Federal Reserve that manipulates the money supply via exchange of government bonds on the open market.
A tax levied on a specific good or service, such as cigarettes.
The federal institution that backs bank deposits.
This curve shows the trade-off between inflation and unemployment in the short-run.
A type of good in which more income induces a consumer to demand less of it.
Quoted saying, 'In the long run, we're all dead.'
Quoted saying, 'Inflation is always and everywhere a monitary phenomenon.'
Wrote 'The Wealth of Nations' in 1776 in support the idea of the 'invisible hand' that guides the economy.
Parable illustrating that communal goods will be used beyond their socially efficient level.
Category of the money supply made up of coins and currency, demand deposites, travelor's checks, and other checkable deposits.

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