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halvys econ test
N/A
11
Economics
11th Grade
05/16/2012

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Cards

Term
Supply higher than demand
Definition
surplus
Term
Shift in demand curve
Definition
change in whole demand
Term
GNP-Depreciation
Definition
Net National Product (NNP)
Term
Largest source of income for banks
Definition
interest on loan
Term
durable good
Definition
something that lasts
Term
Normal unemployment
Definition
seasonal
Term
Expansionary Fiscal Policy
Definition
(monetary) grows economy: low interest rates, high buying of bank loans
Term
Revenue exceeds spending
Definition
surplus
Term
FICA pays for
Definition
Medicare and Social Security
Term
Wages set above equilibrium level set by law
Definition
more income
Term
Contractionary Fiscal Policy
Definition
(monetary) shrinks economy: High interest rates, no buying of bank loans
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