Law of Supply - As price increases, production increases
Relative Price - Price of one item expressed as the price of another
Price Floor - Creates a surplus
Price Elasticity of Demand - How much demand changes when price changes
Substitute Good - Demand increases when price for another good increases
Market Failure - Resources not allocated efficiently
Public Goods - Can be used by more than one person at a time
Liquidity - The ease of an asset into money
Fiat Currency - Given value by declaration of the government
Fractional Reserve - Loaning out most of a banks money
Interest - The price of money
Bond - Certificate of indebtedness
Mutual Fund - Investment company
Inflation - General increase in prices
Purchasing Power - Ability to buy goods and services
Discount Rate - What banks are charged for loans
Open Market Operations - Buying and selling Federal securities
Comparative Advantage - When one producer has a smaller opportunity cost of
producing compared to another producer
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