Micro/Macro Economics Test Review
Help!
|
|
||||
|---|---|---|---|---|---|
| Produce | To make a good or provide a service
🗑
|
||||
| Incentives | Actions that encourage or discourage people from doing something
🗑
|
||||
| Price Ceiling | The Maximum price that can be placed on a good or service
🗑
|
||||
| Price Floor | The Minimum price that can be placed on a good or service
🗑
|
||||
| Needs | Goods that are necessities
🗑
|
||||
| Wants | goods that are desired but not needed
🗑
|
||||
| Elasticity | How much of a good demanded or supplied changes when its price changes
🗑
|
||||
| Inelastic demand | When the quantity demanded changes very little when the price changes
🗑
|
||||
| Masimize | to make as large as possible
🗑
|
||||
| revenue | the total income received from an economic action
🗑
|
||||
| Marginal benefit | Change in benefit in response to a specific action
🗑
|
||||
| Marginal cost | the cost associated with one additional unit of production
🗑
|
||||
| Marginal revenue | the income received from selling one additional unit of a good or service
🗑
|
||||
| Profit | income received from an economic action minus the cost of taking the action
🗑
|
||||
| Opportunity | a favorable occasion to complete or participate in something
🗑
|
||||
| Absolute advantage | the ability of one party to produce a good or service at a lower cost than any other competitor
🗑
|
||||
| comparative advantage | the ability of one party to produce a good or service at a lower opportunity cost than any competitor
🗑
|
||||
| Efficient | completed in the fastest amount of time using the fewest number of resources
🗑
|
||||
| Specialization | The act of limiting the kinds of goods and services produced
🗑
|
||||
| compete | to work toward a goal while attempting to defeat rivals
🗑
|
||||
| Monopolistic competition | a market structure in which many sellers produce the same item but each producer sets its own price and quality without impacting the whole market
🗑
|
||||
| Monoply | a market that has a single supplier of a good or service
🗑
|
||||
| Oligopoly | a market situation that exists when there are few businesses in a marketplace
🗑
|
||||
| Pure competition | a market with many sellers of products, free flow of information and free entry to and exit from the marketplace
🗑
|
||||
| Sovereignty | a controlling influence on a market
🗑
|
||||
| Macroeconomics | the study of economics with a focus on large groups or units such as nations
🗑
|
||||
| aggregate | a total amount
🗑
|
||||
| sector | a subdivision within an economy
🗑
|
||||
| Gross Domestic Product | The value of all final goods & services produced during a specific period of time
🗑
|
||||
| Indicators | data used to evaluate the current and future health of an ecomomy
🗑
|
||||
| Output | the goods and services produced by an economy
🗑
|
||||
| per capita | per person
🗑
|
||||
| offset | something that balances or makes up for something else
🗑
|
||||
| Unemployment | the situation of not having a paid job, or the number of workers without jobs
🗑
|
||||
| growth | increase or enlargement
🗑
|
||||
| income | the money a person earns for providing a service or selling goods
🗑
|
||||
| Ownership | the right to possess something
🗑
|
||||
| Private Property | land or goods owned and used by a person
🗑
|
||||
| Public property | land or goods owned by the government
🗑
|
||||
| wealth gap | the economic difference between rich and poor people
🗑
|
||||
| competition | what happens when two or more parties seek the same prize or benefit
🗑
|
||||
| restrict | to create limits
🗑
|
||||
| regulation | the placing of limits or restrictions on business activity by government
🗑
|
||||
| Free enterprise | An economic system in which there are minimal restrictions on business ownership and activity
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
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.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
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.
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
Created by:
coach_fletcher
Popular Economics sets