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Micro/Macro Economic
Micro/Macro Economics Test Review
| Term | Definition |
|---|---|
| Produce | To make a good or provide a service |
| Incentives | Actions that encourage or discourage people from doing something |
| Price Ceiling | The Maximum price that can be placed on a good or service |
| Price Floor | The Minimum price that can be placed on a good or service |
| Needs | Goods that are necessities |
| Wants | goods that are desired but not needed |
| Elasticity | How much of a good demanded or supplied changes when its price changes |
| Inelastic demand | When the quantity demanded changes very little when the price changes |
| Masimize | to make as large as possible |
| revenue | the total income received from an economic action |
| Marginal benefit | Change in benefit in response to a specific action |
| Marginal cost | the cost associated with one additional unit of production |
| Marginal revenue | the income received from selling one additional unit of a good or service |
| Profit | income received from an economic action minus the cost of taking the action |
| Opportunity | a favorable occasion to complete or participate in something |
| Absolute advantage | the ability of one party to produce a good or service at a lower cost than any other competitor |
| comparative advantage | the ability of one party to produce a good or service at a lower opportunity cost than any competitor |
| Efficient | completed in the fastest amount of time using the fewest number of resources |
| Specialization | The act of limiting the kinds of goods and services produced |
| compete | to work toward a goal while attempting to defeat rivals |
| Monopolistic competition | a market structure in which many sellers produce the same item but each producer sets its own price and quality without impacting the whole market |
| Monoply | a market that has a single supplier of a good or service |
| Oligopoly | a market situation that exists when there are few businesses in a marketplace |
| Pure competition | a market with many sellers of products, free flow of information and free entry to and exit from the marketplace |
| Sovereignty | a controlling influence on a market |
| Macroeconomics | the study of economics with a focus on large groups or units such as nations |
| aggregate | a total amount |
| sector | a subdivision within an economy |
| Gross Domestic Product | The value of all final goods & services produced during a specific period of time |
| Indicators | data used to evaluate the current and future health of an ecomomy |
| Output | the goods and services produced by an economy |
| per capita | per person |
| offset | something that balances or makes up for something else |
| Unemployment | the situation of not having a paid job, or the number of workers without jobs |
| growth | increase or enlargement |
| income | the money a person earns for providing a service or selling goods |
| Ownership | the right to possess something |
| Private Property | land or goods owned and used by a person |
| Public property | land or goods owned by the government |
| wealth gap | the economic difference between rich and poor people |
| competition | what happens when two or more parties seek the same prize or benefit |
| restrict | to create limits |
| regulation | the placing of limits or restrictions on business activity by government |
| Free enterprise | An economic system in which there are minimal restrictions on business ownership and activity |
Created by:
coach_fletcher
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