AEPA Economics Vocabulary
Microeconomics - correct answer ✔The study of individual, family, company
and industry economic behavior.
Macroeconomics - correct answer ✔The study of the behavior of entire
economies.
Equilibrium - correct answer ✔The Point at which the quantity supplied
equals the quantity demanded and a mutually agreeable price is determined,
Marginal Revenue and Cost - correct answer ✔The added revenue and cost
of producing and selling one additional unit.
Elasticity - correct answer ✔The change in buyers demand as a result of
price changes.
Market structures - correct answer ✔The competitive environment in and
industry determined by the number of sellers and the products characteristics.
Keynesian Theory - correct answer ✔That Spending and consumption are
the main drivers of an economy.
Monetarist Theory - correct answer ✔The size and growth of the money
supply determines the growth of the economy. Money makes the world go
round.
Gross National Product - correct answer ✔The total amount of final goods
and services produced by an economy over a period of time.
, The spending multiplier - correct answer ✔The economic ripple effect of
money being circulated in an economy: Spending for one person is income for
another.
Fiscal Policy - correct answer ✔A governments spending policy.
Monetary Policy - correct answer ✔a government's policy of controlling the
supply of money and interest rates.
Adam Smith - correct answer ✔The economist who wrote about the "Invisible
Hand" of capitalism in The Wealth of Nations in 1776
Arthur Laffer - correct answer ✔1980s economist who developed the Laffer
Curve, which illustrated that lower tax rates would result in higher tax
revenues.
Balance of Payments - correct answer ✔The accounting for the inflows and
outflows of foreign exchange of a country.
Country Analysis - correct answer ✔A systematic framework to organize
economic data to make predictions about the future prospects of a nation.
Aggregate Demand - correct answer ✔The total demand for goods and
services in an economy.
Aggregate Supply - correct answer ✔The total supply of goods and services
in an economy.
Microeconomics - correct answer ✔The study of individual, family, company
and industry economic behavior.
Macroeconomics - correct answer ✔The study of the behavior of entire
economies.
Equilibrium - correct answer ✔The Point at which the quantity supplied
equals the quantity demanded and a mutually agreeable price is determined,
Marginal Revenue and Cost - correct answer ✔The added revenue and cost
of producing and selling one additional unit.
Elasticity - correct answer ✔The change in buyers demand as a result of
price changes.
Market structures - correct answer ✔The competitive environment in and
industry determined by the number of sellers and the products characteristics.
Keynesian Theory - correct answer ✔That Spending and consumption are
the main drivers of an economy.
Monetarist Theory - correct answer ✔The size and growth of the money
supply determines the growth of the economy. Money makes the world go
round.
Gross National Product - correct answer ✔The total amount of final goods
and services produced by an economy over a period of time.
, The spending multiplier - correct answer ✔The economic ripple effect of
money being circulated in an economy: Spending for one person is income for
another.
Fiscal Policy - correct answer ✔A governments spending policy.
Monetary Policy - correct answer ✔a government's policy of controlling the
supply of money and interest rates.
Adam Smith - correct answer ✔The economist who wrote about the "Invisible
Hand" of capitalism in The Wealth of Nations in 1776
Arthur Laffer - correct answer ✔1980s economist who developed the Laffer
Curve, which illustrated that lower tax rates would result in higher tax
revenues.
Balance of Payments - correct answer ✔The accounting for the inflows and
outflows of foreign exchange of a country.
Country Analysis - correct answer ✔A systematic framework to organize
economic data to make predictions about the future prospects of a nation.
Aggregate Demand - correct answer ✔The total demand for goods and
services in an economy.
Aggregate Supply - correct answer ✔The total supply of goods and services
in an economy.
