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Economics 12
| Question | Answer |
|---|---|
| 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. |
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campbell.hall
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