100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Economics Terms Questions & Detailed Answers 2024 $15.49
Add to cart

Exam (elaborations)

Economics Terms Questions & Detailed Answers 2024

 6 views  0 purchase

Economics Terms Questions & Detailed Answers 2024

Preview 2 out of 12  pages

  • June 22, 2024
  • 12
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
All documents for this subject (40)
avatar-seller
Schoolflix
100 Economics Terms With Complete
Solutions Latest Update

Scarcity - correct answers the limited nature of society's resources


Economics - correct answers the study of how society manages its scarce
resources


Efficiency - correct answers the property of society getting the most it can from its
scarce resources


Equity - correct answers the property of distributing economic prosperity fairly
among the members of society


Opportunity cost - correct answers whatever must be given up to obtain some
item


Market economy - correct answers an economy that allocates resources through
the decentralized decisions of many firms and households as they interact in
markets for goods and services


Externality - correct answers the impact of one person's actions on the well being
of a bystander


Inflation - correct answers an increase in the overall level of prices in the economy

, Phillips curve - correct answers a curve that shows the short run tradeoff between
inflation and unemployment


Business cycle - correct answers fluctuations in economic activity, such as
employment and production


Circular flow diagram - correct answers a visual model of the economy that shows
how dollars flow through markets and firms


Production possibilities curve - correct answers a graph that show the
combinations of output that the economy can possibly produce given the
available factors of production and the available production technology


Microeconomics - correct answers the study of how households and firms make
decisions and how they interact in markets


Macroeconomics - correct answers the study of economy wide phenomena,
including inflation, unemployment, and economic growth


Positive statements - correct answers claims that attempt to describe the world as
it is


Normative statements - correct answers claims that attempt to prescribe how the
world should be


Interdependence - correct answers a reciprocal relation between interdependent
entities

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Schoolflix. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $15.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

53022 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$15.49
  • (0)
Add to cart
Added