In each blank, try to type in the
word that is missing. If you've
typed in the correct word, the
blank will turn green.
If your not sure what answer should be entered, press the space bar and the next missing letter will be displayed. When you are all done, you should look back over all your answers and review the ones in red. These ones in red are the ones which you needed help on. Term: -Flow DiagramDefinition: A visual model of the economy that shows how dollars flow through markets among households and Term: Production FrontierDefinition: A graph that shows the combination of output that the economy can possibly produce given the available factors of production and the available production Term: Efficient of ProductionDefinition: The Economy is getting all it can; from the scarce resources available; the only way to less of the other good Term: Inefficient of productionDefinition: Points "Inside" production possibilities Term: Cost Definition: Give up producing the good;slope of the production possibilities Term: Definition: The study of how households and makes decisions; and how they interact in markets Term: Definition: The study of -wide phenomena, including inflation, unemployment, and economic growth
Term: MakersDefinition: and households Term: Definition: For gods and services
For factors of Term: FirmsDefinition: Produce goods and services
Use factors of / inputs
Term: HouseholdsDefinition: Own factors of production
Consume and services
Term: Markets for and ServicesDefinition: Firms – sellers
Households – Term: for inputs
Definition: – buyers
Households - sellers
Term: Production possibilities Definition: a graph-combinations of output that the can possibly produce-Given the available
Factors of production
Production technology
Term: Efficient Levels Of Definition: The economy is getting all it the scarce resources available
Points on the production possibilities frontier
Trade-off:
The only way to produce more of one good
Is to produce less of the other good
Term: Inefficient levels of Definition: Points inside production frontier
Term: Opportunity cost of one good
Definition: Give up producing the other of the production possibilities frontier
Term: StatementsDefinition: Claims that attempt to describe the as it is: for of a fact Term: StatementsDefinition: Claims that attempt to prescribe how the world should be; more of an |
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