Key terms for pages 1-107
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| What is opportunity cost? | The cost of any activity measured in terms of the value of the best alternative that is not chosen (that is foregone).
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| Difference between Macroeconomics and Microeconomics. | Microeconomics is generally the study of individuals and business decisions,whereas macroeconomics looks at higher up country and government decision.
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| What is a PPF? | A graph that compares the production rates of two commodities that use the same fixed total of the factors of production.
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| Name three major parts of a circular flow model | Business, households, and governments.
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| Describe market | Any one of a variety of systems, institutions, procedures, social relations and infrastructures where any group or individual can engage in exchange.
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| What is demand in economic terms? | The desire to own anything, the ability to pay for it, and the willingness to pay.
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| Give some properties of the demand curve | The demand curve describes the relationship between price and demand.
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| What are the Determinants of Demand? | Income, consumer preferences, number of buyers, price of related goods, and expectation of the future.
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| Describe supply. | The amount of a product which is available to customers.
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| Give some properties of the Supply Curve. | A graph showing the hypothetical supply of a product or service that would be available at different price points, usually slopes upward.
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| What are the Determinants of Supply? | Production cost, technology, number of sellers, expectation for future prices, taxes or subsidies, and resource supplies.
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| When can equilibrium be reached? | When the demand curve and supply curve intersect, as buyers and sellers agree in a perfect price to buy and perfect cost to sell.
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