In each blank, try to type in the
word that is missing. If you've
typed in the correct word, the
blank will turn green.
If your not sure what answer should be entered, press the space bar and the next missing letter will be displayed. When you are all done, you should look back over all your answers and review the ones in red. These ones in red are the ones which you needed help on. Term: Circular-Flow Definition: A visual model of the economy that shows how dollars flow through markets among households and Term: Production FrontierDefinition: A graph that shows the combination of output that the economy can possibly produce given the available factors of and the available production technology Term: Efficient of ProductionDefinition: The Economy is getting all it can; from the scarce resources available; the only way to produce less of the good Term: Inefficient levels of Definition: Points production possibilities frontier Term: Cost Definition: Give up producing the good;slope of the production possibilities Term: Definition: The study of how households and firms makes decisions; and how they in markets Term: MacroeconomicsDefinition: The study of economy-wide phenomena, including inflation, unemployment, and growth
Term: MakersDefinition: and households Term: MarketsDefinition: For gods and services
For of production
Term: Definition: Produce goods and services
Use factors of / inputs
Term: Definition: Own factors of goods and services
Term: Markets for goods and Definition: Firms – sellers
Households – Term: Markets for Definition: Firms – buyers
Households - Term: possibilities frontier
Definition: a graph-combinations of output that the economy can possibly produce-Given the available
Factors of production
Production Term: Efficient Of Production Definition: The economy is getting all it can
From the scarce resources available
Points on the production possibilities frontier
Trade-off:
The only way to produce more of one good
Is to produce less of the good
Term: levels of production
Definition: Points inside possibilities frontier
Term: Opportunity cost of one good
Definition: Give up producing the other good
Slope of the possibilities frontier
Term: StatementsDefinition: that attempt to describe the worlds as it is: for of a fact Term: StatementsDefinition: Claims that attempt to prescribe how the should be; more of an opinion |
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