Shared Flashcard Set

Details

Title

ECON

Description

OMICS

Total Cards

Subject

Art History

Level

3rd Grade

Created

12/14/2009

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Additional Art History Flashcards

Term

CLASSICAL MODEL

Definition

economic models that assume wages and prices adjust freely to changes in demand and supply.

Term

SUPPLY SIDE MODEL

Definition

A school of thought that emphasizes the role that taxes play in the supply of output in the economy.

Term

BUSINESS CYCLES

Definition

Term

Centrally planned economies

Definition

an econmy in which a government bureaucracy decides how much of each good to produce, how to produce the good, and who gets the good.