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!
|
|
||||
|---|---|---|---|---|---|
| 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.
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
campbell.hall
Popular Business sets