Module 1-7 Summer work
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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| different quantities of goods that an economy can produce with a given amount of scarce resources | Production possibilities
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| the value of the sacrifice made or pursue a course of action | Opportunity cost
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| two goods are consumer substitutes if they provide essentially the same utility to the consumer | Substitute goods
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| a good for which high income decreases demand | Inferior goods
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| production of maximum output for a given level of technology and resources. All points on the PPF are productively efficient | Productive efficiency
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| a producer has a comparative advantage if he can produce a good at lower opportunity cost than all other producers | Comparative advantage
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| two goods are consumer substitutes if they provide essentially the same utility to the consumer | Substitute goods
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| 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
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| holding all else equal, when the price of a good rises, consumers decrease their quantity demanded for that good | Law of demand
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| 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
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| called factors of production, these are commonly grouped into the four categories of labor, physical capital, land or natural resources, and entrepreneurial ability | Resources
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| the study of how people, firms, and societies use their scarce productive resources to best satisfy their unlimited material wants. | Economics
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| the market value of the final goods and services produced within a nation in a given year | Gross Domestic Product
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| the process of summing the microeconomic activity of households and firms into a more macroeconomic measure of economic activity | Aggregation
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| 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
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| a sustained falling price level, usually due to weakened aggregate demand and a constant aggregate supply | Deflation
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| 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
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| the percentage change in the CPI (prices) from one period to the next | Inflation
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| a prolonged, deep contraction in the business cycle | Depression
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| the period where real GDP is falling | Contraction
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| a period where real GDP is growing | Expansion
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| there periodic rise and fall (in four phases) of economic activity | Business cycle
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| the sum of all spending from four sectors of the economy. GDP=C+I+G+Xn | Aggregate Spending (GDP)
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| occurs when an economy's production possibilities increase | Economic growth
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| production of the combination of goods and services that provides the most net benefit to society | Allocative efficiency
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| when firms focus their resources on production of goods for which they have comparative advantage, they are said to be specializing | Specialization
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| exists if a producer can produce more of a good than all other producers | Absolute Advantage
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| the external factors that shift demand to the left or right | determinants of demand
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| a table showing quantity demanded for a good at various prices | demand schedule
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| the bottom of the business cycle where a contraction has stopped | trough
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| the top of a business cycle where an expansion has ended | Peak
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| a good for which higher income increases demand | Normal goods
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| a graphical depiction of the demand | Demand curve
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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.
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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.
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