Module 1
What is the definition of economics?
Study of scarcity and choice
What is the alternation between economic downturns and upturns in the macroeconomy?
Business cycle
What is it when you give up something in order to have something else?
Trade off
What is called when two countries provide goods and services to another country?
Trade
What are incentives?
Rewards or punishments
What is Depression in Macroeconomics?
Recession
What is it called when you make a a computer run faster?
More efficient
What is it called when a company gains more than the company they trade with?
Gains from trade
What is definition of Labor?
Effort of workers
What is the quantity of foods and services produced?
Output
The curve that represents when someone should give up resources to be able to produce another
Production poissibilty
What is means for producing goods and services?
Technology
What is the definition of capital?
Manufactured goods used to make other goods and services
When did the Great Depression happen?
1929
How do you calculated opportunity costs?
Difference between the expected returns of each option
What is when a task that is preformed better by an individual or machine?
Specialization
The game Minecraft was depectited in the worksheet. What economic term was it depicting?
Human Capital
What is it when the aggregate price level is changing slowly?
Price Stability
What does the PPC represent?
It illustrates scarcity and tradeoffs
What does the United States specialize in foreign trade?
Food and Beverage exports (139 Million)