Exam (elaborations)
Economics Terms Questions & Detailed Answers 2024
- Course
- ECONOMICS
- Institution
- Alfred University
Economics Terms Questions & Detailed Answers 2024
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100 Economics Terms With CompleteSolutions 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
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