The social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity.
What is Economics?
100
This displays the combinations of two products that can be produced using the same resources graphically.
What is a production possibilities curve?
100
This is the alternating rise and fall in the level of economic activity over the course of several years.
What is the business cycle?
200
The concept that states that in order to obtain more of one thing, society must forgo the opportunity of getting the next best thing.
What is an opportunity cost?
200
This may occur when society is producing below the production possibilities curve.
What is unemployment?
200
Graphically, this is the name for the low point of a business cycle.
What is a trough?
300
Examines economy as a whole or its basic subdivisions, such as government, households, and business sectors.
What is Macroeconomics?
300
This occurs when society is producing its output on the production possibilities curve.
What is full employment?
300
Graphically, the is the name for the high point of a business cycle.
What is a peak?
400
There is going to be a tax increase on cigarettes. This is an example of what kind of statement?
What is a positive statement?
400
This is represented by an outward expansion of a production possibilities curve.
What is Economic growth?
400
This is the name for the period of decline in total output, income, and employment.
What is a recession?
500
There should be a tax increase on cigarettes. This is an example of what kind of statement?
What is a normative statement?
500
The law that states that in order to produce more of a certain good, more of an alternative good must be forgone at each successive unit of the first good that is produced.
What is the Law of Increasing Opportunity Costs?
500
This is the name for the period of recovery after a recession.