eco Word Scramble
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| Question | Answer |
| the fundamental problem in economics. | scarcity |
| Specialization requires | trade |
| the branch of economics that focuses on broad issues like growth, unemployment, inflation, and trade balance. | Macroeconomics |
| focuses on actions of individual agents within the economy like households, workers, and businesses. | Microeconomics |
| The Circular Flow diagram is an example of | economic model |
| a line depicting all combinations of goods that are affordable with a given income and given prices. | budget constraint |
| he ability and willingness to sell specific quantities of a good, while supply is the ability and willingness to buy specific quantities of a good. | quality supplied |
| lower limit imposed on the price of a good | price floor |
| The World Bank deems a legal system effective if property rights and contractual rights are upheld. | true |
| Growth rate of total output equals | Growth rate of labor force + growth rate of productivity |
| Natural unemployment consists of which type of unemployment? | Both Structural & Frictional |
| ull employment is the same as zero unemployment. | false |
| One of the three core economic questions that must be resolved is what to produce with (unlimited/limited) resources | limited |
| an upper limit imposed on the price of a good. | price ceiling |
| the willingness and ability to buy specific quantities of a good at alternative prices | demand |
| the ability and willingness to sell specific quantities of a good at alternative prices. | supply |
| he value of final output measured in current prices | Nominal GDP |
| value of final output measured in constant prices. | Real GDP |
| consists of both expansions and contractions. | business cycle |
| Examples of economic contractions include | Recessions & Depressions |
| The World Bank deems a legal system effective if what is upheld? | Both property & contractual rights |
| Growth rate of total output = | growth rate of labor force + growth rate of productivity |
| New growth theory focuses on which of the following: | Investing in ideas |
Created by:
Jmanie
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