Economics 12
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Scarcity | show 🗑
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| show | 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).
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| show | 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.
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| Supply | show 🗑
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| show | the total value of the goods and services produced in a country, plus the value of imported goods less the value of exports.
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| Opportunity Cost | show 🗑
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| show | the value of the best foregone alternative
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| show | “the derivative of.”
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| consumer surplus | show 🗑
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| show | Latin for "other things being equal", meaning that nothing else changes and that the curve (supply or demand) therfore does not shift.
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| show | the percentage change in the quantity supplied of a good or service divided by the percentage change in its (own) price.
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| show | the responsiveness to a change in price
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| Externalities | show 🗑
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| Absolute advantage | show 🗑
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| show | The ability to produce a tradable good or service at a lower opportunity cost than it could be produced at in another country.
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| Gross Domestic Product (GDP) | show 🗑
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