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different quantities of goods that an economy can produce with a given amount of scarce resources
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the value of the sacrifice made or pursue a course of action
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Economic Vocab

Module 1-7 Summer work

QuestionAnswer
different quantities of goods that an economy can produce with a given amount of scarce resources Production possibilities
the value of the sacrifice made or pursue a course of action Opportunity cost
two goods are consumer substitutes if they provide essentially the same utility to the consumer Substitute goods
a good for which high income decreases demand Inferior goods
production of maximum output for a given level of technology and resources. All points on the PPF are productively efficient Productive efficiency
a producer has a comparative advantage if he can produce a good at lower opportunity cost than all other producers Comparative advantage
two goods are consumer substitutes if they provide essentially the same utility to the consumer Substitute goods
to predict how a change in one variable affects a second, we hold all other variables constant. This also referred to as the "ceteris paribus" assumption All else equal
holding all else equal, when the price of a good rises, consumers decrease their quantity demanded for that good Law of demand
the imbalance between limited productive resources and unlimited human wants. Because economic resources are scarce, the goods and services a society produces are scarce Scarcity
called factors of production, these are commonly grouped into the four categories of labor, physical capital, land or natural resources, and entrepreneurial ability Resources
the study of how people, firms, and societies use their scarce productive resources to best satisfy their unlimited material wants. Economics
the market value of the final goods and services produced within a nation in a given year Gross Domestic Product
the process of summing the microeconomic activity of households and firms into a more macroeconomic measure of economic activity Aggregation
in the Aggregate Demand and Aggregate Supply model, this is described as falling demand with a constant supply curve. GDP falls and unemployment rises Recession
a sustained falling price level, usually due to weakened aggregate demand and a constant aggregate supply Deflation
the amount of knowledge and skills that labor can apply to the work they do and the general level of health that the labor force enjoys Human capital
the percentage change in the CPI (prices) from one period to the next Inflation
a prolonged, deep contraction in the business cycle Depression
the period where real GDP is falling Contraction
a period where real GDP is growing Expansion
there periodic rise and fall (in four phases) of economic activity Business cycle
the sum of all spending from four sectors of the economy. GDP=C+I+G+Xn Aggregate Spending (GDP)
occurs when an economy's production possibilities increase Economic growth
production of the combination of goods and services that provides the most net benefit to society Allocative efficiency
when firms focus their resources on production of goods for which they have comparative advantage, they are said to be specializing Specialization
exists if a producer can produce more of a good than all other producers Absolute Advantage
the external factors that shift demand to the left or right determinants of demand
a table showing quantity demanded for a good at various prices demand schedule
the bottom of the business cycle where a contraction has stopped trough
the top of a business cycle where an expansion has ended Peak
a good for which higher income increases demand Normal goods
a graphical depiction of the demand Demand curve
Created by: biancer
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