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Unit 1 Basic Concept


Opportunity Costs The sacrifice of one opportunity for another one
Macroeconomics The economy viewed as a whole or its basic subdivisions or aggregates, such as government, household, and business sectors.
Aggregate A collection of specific economic units treated as if they were one unit
Production Possibilities Frontier Represents the point at which an economy is most efficiently producing its goods and services and, therefore, allocating its resources in the best way possible
Circular Flow Model The flow of resources from households to firms and of products from firms to households. These flows are accompanied by reverse flows of money from firms to households and from households to firms
Market An institution or mechanism that brings together buyers ("demanders") and sellers ("suppliers") of particular goods, services or resources
Demand A schedule showing the amounts of a good or service that buyers (or a buyer) wish to purchase at various prices during some times period.
Demand Curve A curve which illustrates the relationship between price and quantity demanded. (Usually curves down)
Determinants of Demand 1. Consumers' tastes (preferences) 2. Number of consumers in a market 3. Consumers' income 4. Prices of related goods 5. Consumer expectations
Supply A schedule or curve showing the amounts of a product that producers are willing and able to make available for sale at each of a series of possible prices during a specific period
Supply Curve A curve which illustrates the relationship between price and quantity supplies (usually curves up)
Determinants of Supply 1. Resource prices 2. Technology 3. Taxes or subsidies 4. Prices of other goods 5. Price expectations 6. Number of sellers in a market
Equilibrium "Market clearing." No shortage or surplus.
Created by: lanngoctran