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BYU-I - FDAMF 101 - Cycle 2 Study Guide - Study Guide

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BYU-I - FDAMF 101 - Cycle 2 Study Guide - Study Guide

School: Brigham Young University - Idaho
Department: OTHER
Course: American Foundations
Professor: David Magleby
Term: Fall 2017
Tags: economiccs
Name: Cycle 2 Study Guide
Description: This study guide covers the main topics of cycle 2.
Uploaded: 11/11/2017
0 5 3 79 Reviews
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background image CYCLE 2 STUDY GUIDE 1) Who is the “father” of modern economics? a. Adam Smith 2) What is the secret to wealth? a. Free Exchange 3) What is opportunity cost? a. Whatever you gave up – The next best option 4) What is specialization? a. Someone who is good at one specific thing (sewing) 5) What are some weaknesses of free market system? a. Imperfect information, monopoly, externalities, poverty, instability, inequality, business cycle 6) What is a recession? a. A period of temporary economic decline 7) What does fiscal mean? a. Of; or relating to government revenue, especially taxes 8) What are the 2 problems to sustain an economy? a. Inflation & speculation 9) What tools can be used to combat these problems? a. Interest rates & cash in the system
background image 10) What is money?  a. A medium of exchange, a unit of account, a store of  value 11) Who controls money supply? a. The federal reserve bank 12) What is GDP? a. Total wealth produced by an economy in a year 13) Who is the person behind monetary policy? a. Milton Friedman 14) Who is the person behind fiscal policy? a. John Keynes 15) Supply Curve: 16) Demand Curve:

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School: Brigham Young University - Idaho
Department: OTHER
Course: American Foundations
Professor: David Magleby
Term: Fall 2017
Tags: economiccs
Name: Cycle 2 Study Guide
Description: This study guide covers the main topics of cycle 2.
Uploaded: 11/11/2017
3 Pages 43 Views 34 Unlocks
  • Better Grades Guarantee
  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
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