Definitons of Words
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Opportunity Cost | the amount of other products that must be forgone or sacrificed to produce a unit of product
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| Macroeconomics | the part of economics concerned with the economy as a whole;with such major aggregates as the household,business, and government sectors;and with measures of the total economy
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| Aggregate | a sum,a mass or assemblage of particulars;a total or gross amount
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| PPF | production possibilities frontier or production possibilities curve
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| 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
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| Market | Any institution or mechanism that brings together buyers (demanders)and sellers (supppliers) of a particular good or service
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| Demand | a schedule showing the amounts of a good or service that buyers (or a buyer) wish to purchase at various prices during some time period
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| Demand Curve | a curve illustrating a demand
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| Determinants of Demand | factors other than price that determine the quantities demanded of a good or service
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| supply | a schedule showing the amounts of a good or service that sellers (or a seller) will offer at various prices during some period
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| Supply Curve | A curve illustrating supply
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| Determinants of Supply | factors other than price that determines the quantities supplied of a good or service
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| Equilibrium | equal balance between any powers,influences,equality or effect.
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Created by:
Rmenendez12
Popular AP Comparative Gov. sets