Chapters 1 & 3
The amount of goods or services sellers are willing to provide at a given price.
What is quantity supplied?
These peer-led study sessions are tied to historically challenging courses and help students review material in a collaborative setting.
What is Supplemental Instruction?
This number represents the market value of all final goods and services sold within an economy in a given period of time.
What is GDP?
This circular frame keeps fabric taut while stitching, making embroidery easier and more precise
What is a hoop/ embroidery hoop?
“A list of specific goods and services in fixed quantities”
What is a market basket?
“A market in which fully informed, price-taking buyers and sellers easily trade a standardized good or service”
What is a competitive market?
CAPS stands for this full name and provides mental health support to OSU students.
What is counseling and psychological services?
This simple ratio shows the average production of a country per person.
What is GDP per capita?
This textile art involves stitching together layers of fabric and batting, often in decorative patterns.
What is quilting
“the theory that purchasing power in different countries should be the same when stated in a common currency”
What is purchasing power parity?
This term describes
Price of Related Goods
Income
Number of Buyers
Tastes and Preferences
Future Expectations
What are determinants of demand?
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What is Disability Access Services (DAS)?
Expenditure
Income
Value-added
What are the 3 approaches to measuing GDP
This embroidery stitch creates small, raised knots and is often used for flower centers.
What is a French knot?
This important economic measure is calculated as:
[(CPI Year 2 - CPI Year 1) / CPI Year 1] * 100
What is the inflation rate?
It describes the real world accurately, states its assumptions clearly, and predicts cause and effect
What are characteristics of a good economic model?
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What is the Econ Tutoring Lab?
This term describes the GDP of a year calculated using the prices of a "base year" to compare actual growth while ignoring inflation.
What is real GDP
This fiber art uses a single hook to create loops and patterns with yarn or thread.
What is crochet
The process of taking a price or other number and adjusting it to reflect value based on a "Base" year
What is deflating nominal variables
The two shifts that would lead price to go up, but have an unknown effect on quantity.
What is supply down demand up
or
What is demand up supply down
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What is Volunteer Income Tax Assistance?
This simple ratio describes the relationship between nominal and real GDP
What is the GDP Deflator?
This part of a sewing machine moves the fabric under the needle.
What is the feed dog?
"Recalculating economic statistics to account for differences in price levels across countries"
What is PPP adjustment