Module 1-7 Summer work
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| different quantities of goods that an economy can produce with a given amount of scarce resources | show 🗑
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| show | Opportunity cost
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| show | Substitute goods
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| a good for which high income decreases demand | show 🗑
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| production of maximum output for a given level of technology and resources. All points on the PPF are productively efficient | show 🗑
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| a producer has a comparative advantage if he can produce a good at lower opportunity cost than all other producers | show 🗑
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| show | 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 | show 🗑
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| holding all else equal, when the price of a good rises, consumers decrease their quantity demanded for that good | show 🗑
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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 | show 🗑
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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 | show 🗑
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| the study of how people, firms, and societies use their scarce productive resources to best satisfy their unlimited material wants. | show 🗑
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| the market value of the final goods and services produced within a nation in a given year | show 🗑
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| show | Aggregation
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| show | Recession
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| show | 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 | show 🗑
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| show | Inflation
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| a prolonged, deep contraction in the business cycle | show 🗑
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| show | Contraction
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| show | Expansion
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| there periodic rise and fall (in four phases) of economic activity | show 🗑
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| show | Aggregate Spending (GDP)
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| occurs when an economy's production possibilities increase | show 🗑
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| production of the combination of goods and services that provides the most net benefit to society | show 🗑
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| show | Specialization
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| show | Absolute Advantage
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| show | determinants of demand
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| a table showing quantity demanded for a good at various prices | show 🗑
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| show | trough
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| show | Peak
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| show | Normal goods
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| a graphical depiction of the demand | show 🗑
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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.
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.
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