Macroeconomics

Opportunity Cost correct answer: (noun) the item you gave up in a trade-off; the next best option Trade-off correct answer: (verb) choosing one item you want over another item you want Factors of Production correct answer: resources used to make a final product Factors of Production-land correct answer: natural resources, not man-made, example: grain Factors of Production-labor correct answer: human resources, example: farmer Factors of Production-capital correct answer: man...

Total income households have after paying taxes and receiving government transfers - disposable income Market failure may occur because - individual actions have side effects that are not properly taken into account by the market A graphical representation of the relationship between the total quantity of goods and services demanded and the price level - aggregate demand curve If banks were required to keep 100% of deposits in reserves, they could - make no loans The point on a business ...