Economics
Refers to the economic problem of having limited resources with unlimited wants
Scarcity
Things that people must have to survive
Needs
Things that people would like to have but can live without
Wants
As a Business cycle moves from a trough to a peak.
Expansion/growth
This product was infamously in a shortage during the Covid pandemic.
What is toilet paper?
Someone who buys goods and services
What is a consumer
This happens when goods are imported and then exported without significant transformation.
re-export
This occurs when workers are employed below their skill or capacity.
underemployment
Goods and services purchased from overseas
What is imports
What grade you recieve if you do not retake missed test ?
0 marks or U
This is the social science that studies the production, distribution, and consumption of goods and services.
What is economics?
The location where the two axes meet.
Equilibrium
This Latin phrase means “all other things being equal” and is used to isolate the effect of one variable in economics.
What is ceteris paribus?
When there is high supply and low demand, what happens to price?
What is decrease?
Do you have to submit homework when you were absent last lesson?
Yes
A depression is a recession that lasts at least this long.
What is a year?
When an item leaves a country and is sold to another, it is called this.
What is an export?
An increase in human capital, physical capital, or technology causes what curve to shift.
LRAS
Measures the total income of every person in a country and total production of resources
What is GDP?
Economic system in which the government controls and sets prices
What is command/planned economy
This occurs when a government's total revenue equals its total expenditure.
Fiscal Balance
The economic system in which individuals/businesses decide what, how, and how much will be produced/sold
What is a capitalist/market economy
Increase in cost of items over a period of time.
What is inflation?
Formula/4 determinants of AD
C, I, G,& Nx?
The year of black Tuesday (first day of the Great Depression)
What is 1929?