Macro Chapter 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| marginal thinking | the evaluation of whether the benefit of one more unit of something is greater than its cost (page 15)
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| economic thinking | a purposeful evaluation of the available opportunities to make the best decision possible (page 15)
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| macroeconomics | the study of the overall aspects and workings of an economy (page 7)
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| economics | the study of how individuals and society allocate their limited resources to satisfy their unlimited wants (page 6)
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| trade | the voluntary exchange of goods and services between two or more parties (page 19)
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| incentives | factors that motivate a person to exert effort (page 8)
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| opportunity cost | the highest-valued alternative that must be sacrificed to get something else (page 13)
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| scarcity | the limited nature of society's resources, given society's unlimited wants and needs (page 6)
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| markets | systems that bring buyers and sellers together to exchange goods and services (page 17)
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| comparative advantage | the situation where an individual, business, or country can produce at a lower opportunity cost than a competitor can (page 19)
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| Barter | involves individuals trading a good they already have or providing a service in exchange for something they want. (page 17)
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| microeconomics | the study of the individual units that make up the economy (page 7)
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| productive resources | the inputs used in the production of goods and services to make a profit
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| factors of production | Capital, Entrepreneurship, Land, Labor
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| Land | any natural resource, including actual land, but also trees, plants, livestock, wind, sun, water, etc.
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| economic Capital | anything that’s manufactured in order to be used in the production of goods and services.
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| Labor | any human service—physical or intellectual. Also referred to as human capital
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| human capital | Labor
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| Entrepreneurship | the ability of someone (an entrepreneur) to recognize a profit opportunity, organize the other factors of production, and accept risk.
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| economic goods | goods or services a consumer must pay to obtain; also called scarce goods
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| free goods | goods or services that a consumer can obtain for free because they are abundant relative to the demand
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| circular flow diagram | a diagram indicating that the economy consists of households and firms interacting in a goods-and-services market and a labor market
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| goods and services market | a market in which firms are sellers of what they produce and households are buyers
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| labor market | the market in which households sell their labor as workers to businesses or other employers
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| product market) | goods and services market
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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.
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