MACRO EXAM ONE
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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| show | The study of how humans make decisions in the face of scarcity
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| Scarcity | show 🗑
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| Factors of production | show 🗑
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| Division of labor | show 🗑
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| Specialization | show 🗑
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| Adam Smith | show 🗑
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| Specialization of Labor | show 🗑
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| show | Refers to individual units, one product, one household, small scale
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| show | Big scale economics, countries
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| Fiscal Policy | show 🗑
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| Monetary policy | show 🗑
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| show | a diagram that views the economy as consisting of households and firms interacting in a goods and services marker and a labor market
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| Command Economies | show 🗑
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| show | an economy where economic decisions are decentralized, private individuals own resources and businesses supply goods and services based on demand
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| Market | show 🗑
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| show | A market where the buyers and sellers make transactions in violation of one or more gov. regulations
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| show | the trend in which buying and selling in markets have increasingly crossed national borders
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| Imports | show 🗑
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| Exports | show 🗑
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| GDP | show 🗑
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| show | all possible consumption combinations of goods that someone can afford, given the prices of goods, when all income is spent, the boundary of opportunity set
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| show | measures cost by what we give up/forfeit in exchange, opportunity cost measures the value of the forgone activity
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| Marginal Analysis | show 🗑
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| Utility | show 🗑
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| Law of diminishing marginal utility | show 🗑
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| Production possibilities frontier | show 🗑
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| show | as we add additional increments of resources to producing a good or service, the marginal benefit from those additional increments will decline
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| Positive Statement | show 🗑
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| Normative Statement | show 🗑
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| show | Adam Smith's concept that individuals self-interested behavior can lead to positive social outcomes
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| Demand | show 🗑
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| show | what a buyer pays for a unity of the specific good or service
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| show | Specific demand at each point
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| Law of demand | show 🗑
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| show | a table that shows a range of prices for a certain good or service and the quantity demanded at each price
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| Demand Curve | show 🗑
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| Supply | show 🗑
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| show | Specific supply at each point
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| Supply Schedule | show 🗑
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| Supply curve | show 🗑
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| show | Where qD and qS are equal, the combination of price and quantity where there is no economic pressure from surpluses or shortages that would cause price or quantity to change
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| Surplus | show 🗑
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| show | at the existing price, the quantity demanded exceeds the quantity supplied; also called excess demand
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| show | other things being equal
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| Determinates of demand | show 🗑
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| show | Changes in prices of inputs (Cost Production)
Changes in weather
Changes in Tech
Changes in government policies
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| Consumer Surplus | show 🗑
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| Producer Surplus | show 🗑
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| show | Economic Growth
Low Unemployment
Low Inflation
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| Real GDP | show 🗑
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| show | C= Personal Consumption Expenditures
I = Gross private domestic investment
G= Government consumption expenditures and gross investment
XN = Net exports of goods and services (exports minus imports)
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| Transfer payments | show 🗑
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| Double Counting | show 🗑
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| show | the economic stat actually announces at the time, not adjusted for inflation
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| Real | show 🗑
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| Recession | show 🗑
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| Depression | show 🗑
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| Business Cycle | show 🗑
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| Exchange rates | show 🗑
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| GDP per capita | show 🗑
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| show | all elements that affect people's happiness, whether people buy or sell these elements in the market or not
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To hide a column, click on the column name.
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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.
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Created by:
studyrobert
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