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Mayra Alvizo

Period 2

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Unit 2Unit 2 Unit 3Unit 3 MixedMixed GraphsGraphs(curves)(curves) VocabVocabUnit 1Unit 1

- $100- $100

What is Absolute Advantage and Comparative Advantage?

Absolute: The producer that can produce the most output OR requires the least amount of inputs (resources)

Comparative: The producer with the lowest opportunity cost

- $200Give an example of capital goods.

Oil-drilling equipment, pizza oven

- $300

-land-labor-capital-entrepreneurship

What are the four factors of production?

- $400

What are the Shifters of Demand ?

Tastes and PreferencesNumber of ConsumersPrice of Related GoodsIncome

Future Expectations

- $500

What are the Shifters of Supply?

• Prices/Availability of inputs (resources)

• Number of Sellers• Technology• Government Action: Taxes &

Subsidies• Opportunity Cost of Alternative

Production• Expectations of Future Profit

- $100What is GDP?

The total value of all final goods and services produced in the economy during a given year.

- $200

When there is a change in the percentage per year in a price index what is it called?

Inflation rate

- $300

What is Final Goods and services?

Goods and services sold to the final or end

- $400

What type of formula is this?

CPI

- $500What unemployment rate arises form the effect of frictional plus structural unemployment

Natural Rate of unemployment

- $100

If aggregate demand increases and aggregated supply decreases the price level:

Will increase but real output is indeterminate

- $200

What is aggregate demand?

It is the total demand for final goods and services in the economy at a given time and price level.

- $300

What is aggregate supply?

 It is the total supply of goods and services that firms in a national economy plan on selling during a specific time period .

- $400What is the Keynesian model?

theory of total spending in the economy and its effects on output and inflation.

- $500What is a recession?

It is a business cycle that slows down economy activity.

- $100What are automatic stabilizers?

It is policies and programs that are designed to offset fluctuations in a nation's economic activity without intervention by the government or policymakers.

- $200What is a Circular flow model?

It is a model which illustrates the flow of goods and services through the economy.

- $300

Give an example of a Complementary Goods

For example: peanut butter and jelly.

- $400

What is the Law of Supply?

It is the higher the price for a good or service, all other things being equal, leads suppliers to supply a greater quantity of that good or service. Illustrated as a direct or positive relationship.

- $500

Give some examples of Consumer goods

For example: cars, pizza, and shirts.

- $100

What type of curve is this?

Supply and demand

- $200

What type of curve is this?

PPF

- $300

What type of curve is this?

PPC

- $400

What type of curve is this?

SRAS

- $500

What type of curve is this?

Aggregated Demand Curve

- $100 What is Scarce/scarcity?

Resources (anything that can be used to produce something else) are not unlimited and are not available in sufficient quantities to satisfy all the various ways a society wants to use them. Examples: money, food, time.

- $200

What is normal GDP?

It is the total value of all final goods and services produced in the economy during a given year, calculated with the price currently in the year which the output is produced.

- $300

What is Allocative efficiency?

It is the resources and goods are distributed in such a way that consumers are as well off as possible. Resources are being used to make the goods and provide the services that society wants and needs.

- $400

A hypothetical set of consumer purchases of goods and services what is this?

Market Basket

- $500

What is Free market economies?

An economic system based on supply and demand with little or no government control. Buyers and sellers are allowed to transact freely based on mutual agreement.