The study of the economy on a regional national or international basis
What is Macroeconomics
100
A line or curve that shows all the possible combinations of two outputs that can be produced using all available resources.
What is the production possibilities frontier (PPF)
100
A market when fully informed price taking buyers and sells easily trade a standardized good or service
What is competitive market
100
Rise over run
What is slope
100
The net benefit that a consumer receives from purchasing a good or service. Its measured by the difference between willingness to pay and actual price paid.
What is Consumer surplus
200
Making choices to achieve goals in the most effective way possible.
What is rational behavior
200
The ability to produce a good or service at a lower opportunity cost than others
What is comparative advantage
200
Characteristic of demand that says that all else equal, quantity demanded rises as price falls
What is Law of Demand
200
The steepness and position of a line in the coordinate system is determined by these two things
What is slope and intercept.
200
A measure of the combined benefits that everyone receives from participating in an exchange of goods and services.
What is total surplus
300
The value of what you have to give up in order to get something; the value of your next best alternative
What is opportunity cost
300
The ability to produce more of a good or service than others can with a given amount of resources
What is absolute advantage
300
A graph that shows the quantities of a particular good or service that consumers will demand at various prices.
What is a demand curve
300
They allow us to get information about the real economic relationship being represented without even have to graph it.
What is linear equations
300
An arrangement that no exchange can make anyone better off without someone becoming worse off.
What is efficient market
400
costs that have already been incurred and can not be recovered or refunded.
What is sunk costs
400
Spending all of your time producing a particular good
What is specialization
400
Situation in the market where quantity supplied equals the quantity demanded
What is equilibrium?
400
If y is on the left-hand side of the equation, whatever number is multiplying X
What is coefficient of x also known as the slope.
400
A loss of total surplus that occurs because the quantity of a good that is bought and sold is below the market equilibrium quantity.
What is dead weight loss
500
The use of resources in the most productive way possible to produce the goods and services that have the greatest total economic value to society.
What is efficiency
500
The improvement in outcomes that occurs when producers specialize and exchange goods and services
What is gains from trade
500
A characteristic of supply which states that all else equal, the quantity supplied rises as price rises.
What is Law of Supply
500
where M is the slope of the line and B is the Y intercept.
What is slope intercept form
500
A situation in which whenever one person gains, another loses an equal amount, such that the net value of any transaction is zero