Barrier to Entry – Any thing that makes it hard for a new firm to enter a market. (Hard to start a business)
general welfare – best for the people
Traditional Economy – the allocation of scarce resources and nearly all other economic activity, stems from ritual, habit, or custom
Time deposits – Only turned into cash at maturity dat
What does being frictional unemployed mean? – looking for a job in same field
Consumers – The people who buy goods and services to satisfy their wants and needs
Interventionist supply side policies – Attempt to improve the institutional framework in the economy.
The Federal Open Market Committee includes all ___ members of the Board of Governors, plus ____ presidents from different FR district banks
user fee – money charged for the use of a good or service
price elasticity of demand – responsiveness/sensitivity of consumers to a price change
Deflation – a continuing decrease in general price level
The Federаl Open Mаrket Cоmmittee includes аll ___ members оf the Bоard of Governors, plus ____ presidents from different FR district banks
supply – the amount of a product or service that is available for sonsumers to buy
The full employment level of national Income YF – Is the level of potential output that could be produced by an economy operating at its full capacity.