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AP Macro test 1

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
show labor, land, capital, entrepreneurship  
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show sacrifices, the real cost is what you have to give up  
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macroeconomics   show
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show individual parts of economy  
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business cycle   show
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peak   show
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show decline in total output, income, employment (6 months)  
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show bottom of recession period  
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show output and employment expanding  
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show rise in overall price level; food and gas not included  
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deflation   show
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show economy's total production of goods and services for given time periods  
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economic growth   show
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comparative advantage   show
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show producer #1 can make more than producer #2  
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show a schedule that shows how much of a product consumers are willing/able to buy at a series of possible prices  
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show higher the price, less demand; lower the price, higher demand  
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MERIT   show
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Substitute   show
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show products which are bought and used together  
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show positive  
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show inverse  
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show show amount a producer is willing/able to produce  
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law of supply   show
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only thing that moves for supply and demand is what?   show
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TRICE   show
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show where quantity supply and demand cross; stable  
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show more  
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show less  
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calculate opportunity cost for PPC graph   show
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calculate opportunity cost for comparative advantage   show
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Created by: auweb921
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