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Economics 12

QuestionAnswer
Scarcity needs and wants exceed the resources available to meet them, and therefor this helps detemine the aloocation of resources.
Aggregate Demand the sum of all demand in an economy. This can be computed by adding the expenditure on consumer goods and services, investment, and not exports (total exports minus total imports).
Demand the want or desire to possess a good or service with the necessary goods, services, or financial instruments necessary to make a legal transaction for those goods or services.
Supply The total quantity of a good or service that is available for purchase at a given price.
Aggregate Supply the total value of the goods and services produced in a country, plus the value of imported goods less the value of exports.
Opportunity Cost the value of all that is given up in the process of acquiring something else.
Opportunity Cost the value of the best foregone alternative
marginal “the derivative of.”
consumer surplus the difference between your willingness to pay and the amount you dopay, or the value to a consumer ofconsumption of a good, minus the price paid.
Ceteris paribus Latin for "other things being equal", meaning that nothing else changes and that the curve (supply or demand) therfore does not shift.
Elasticity of supply the percentage change in the quantity supplied of a good or service divided by the percentage change in its (own) price.
Elasticity the responsiveness to a change in price
Externalities A benefit or cost associated with an economic transaction which is not taken into account by those directly involved in making it. A beneficial or adverse side effect of production or consumption.
Absolute advantage In international trade theory a country which has an absolute advantage in producing a good is able to produce that good more efficiently (more output per unit of input) than any other country.
Comparative advantage The ability to produce a tradable good or service at a lower opportunity cost than it could be produced at in another country.
Gross Domestic Product (GDP) The total value of all the goods and services produced in an economy during some accounting period, usually a year.
Created by: campbell.hall