Exam III Word Scramble
|
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
| Term | Definition |
| Aggregate Demand | the total demand for final goods and services in an economy |
| Aggregate Production Function | the relationship between all the inputs used in the macroeconomy and the economy's total output |
| Aggregate Supply | the total supply of final goods and services in an economy |
| Classical Economics | economists who stress the importance of aggregate supply and generally believe that the economy can adjust back to full-employment equilibrium on its own |
| Convergence | the idea that per capita GDPs across the nations equalize as nations approach the steady state. |
| Depreciation | a fall in the value of a resource over time |
| Diminishing Marginal Product | phenomenon occurring when the marginal product of an input falls as the quantity of the input rises |
| Great Depression | the worst economic downturn in the history of the industrialized world, lasting from 1929 to 1939 |
| Great Recession | the U.S. recession that lasted from December 2007 to June 2009 |
| Human Capital | the resource represented by the quantity, knowledge, and skills of the workers in an economy |
| Innovation | a new idea, method, or device / the introduction of something new |
| Institutions | a significant practice, relationship, or organization in a society; the official and unofficial conditions that shape the environment in which decisions are made |
| Keynesian Economics | economists who stress the importance of aggregate demand and generally believe that the economy needs help returning to full-employment equilibrium |
| Marginal Product | the change in output divided by the change in input |
| Natural Resources | the inputs used to produce goods and services; also called factors of production |
| Net Investment | investment minus depreciation |
| Physical Capital | consists of tangible, human-made objects that a company buys or invests in and uses to produce goods. |
| Private Property Rights | the rights of individuals to own property, to use it in production, and to own the resulting output |
| Recession | a short-term economic downturn |
| Rule of 70 | rule stating that if the annual growth rate of a variable is x%, the size of that variable doubles approximately every 70/ x years |
| Steady State | the condition of macroeconomy when there is no new net investment |
| Technology | the knowledge available for use in production |
| Unemployment Rate | condition occurring when a worker who is not currently employed is searching a job without success |
Created by:
jalicoolrip94
Popular Economics sets