GDP
Value of final goods produced in a specific country within a time period.
What is GDP?
The second best choice you gave up when you chose the first best choice.
What is Opportunity Cost
When one country is clearly better at making a product than another.
What is Absolute Advantage?
Consumers want to buy as much as they can for as little money as possible.
What is Demand?
Cattle gets cheaper. The supply of steak...
What are Increases (shift right)?
Values output using current prices, not corrected for inflation
What is Nominal GDP?
When an economy operates inside the PPC/PPF.
What is Inefficiency or Underemployment.
The ability of an economy to produce a good at a lower opportunity cost than another country.
What is Comparative Advantage?
Producers want to produce as much as they can and sell it for as much money as they can.
What is Supply?
Lebron James releases a new shoe. After winning the NBA Finals the demand for the shoe...
What are Increases (Shifts Right)?
Values output using the price of a base year, corrected for inflation
What is Real GDP?
Any point outside the PPC/PPF
What is Unattainable in current situation?
United States: 500 bushels of corn Mexico: 400 bushels of corn Absolute Advantage?
What is the United States?
As price goes up, so does quantity.
What is the Law of Supply?
Supply moves up and Demand moves down.
What are Price Increases?
Roscoe spends $500 on a laptop. He buys last year model to use for his economics class.
What is Not Counted in this year's GDP?
This means that the more you have of something, the less utility [satisfaction] you get from each new unit.
What is Diminishing Marginal Utility?
United States: 100 cars 200 tomatoes France: 90 cars 100 tomatoes Comparative Advantage for Cars?
What is France?
Quantity Supplied is at 300 units. Quantity Demanded is at 200 Units.
What is Surplus?
An increase in the demand for bread following a very harsh winter changes the price of bread...
What is the price of bread increases?
Small economy with 35 people and an overall GDP of 500,000...GDP Per Capita?
How much is $14,285.71?
As production of a product increases, the cost to produce an additional unit of that product increases as well.
What is The Law of Increasing Opportunity Costs?
Georgia: 12 tickets or 9 receipts
Alabama:13 tickets or 8 receipts
Comparative advantage of tickets?
What is Alabama?
The point where quantity supplied and quantity demanded meet.
What is Equilibrium Quantity?
Equilibrium price of garlic cloves is $2. A recent study showed that garlic helps lower blood pressure. What happens next?
What is the price of garlic cloves increase because of a demand shift?