Macroeconomics key terms - Study guides, Class notes & Summaries

Factors Influencing Demand Correct Answer Demand is driven by price, consumer preferences, the economy, the number of buyers in a market, customer incomes, price of substitutes and complimentary items. Factors of Production Correct Answer Natural resources, capital, human resources and entrepreneurship. What is the key factor influencing demand? Correct Answer Price Demand Curve Correct Answer A graph of the amount of a product buyers will purchase at different prices. Supply Curve C...

Economics Today The Micro View Chapter 1 Terms Already Verified A+ Key Economics Concepts and Definitions 1. Economics ️: The study of how people allocate their limited resources in an attempt to satisfy their unlimited wants. It explores how individuals make choices. 2. Resources ️: Things that have value and are used to produce goods and services that satisfy people's wants. 3. Wants ️: All the items that people would purchase if they had unlimited income. 4. Microeconom...

The Macro Economy Today; Schiller; 14th Edition; Chapter 1 Key Economics Terms and Definitions 1. Scarcity : The lack of enough resources to satisfy all desired uses of those resources. 2. Factors of Production : Resource inputs used to produce goods and services, such as land, labor, capital, and entrepreneurship. 3. Capital : Final goods produced for use in the production of other goods, such as equipment and structures. 4. Entrepreneurship : The assembling of resources to prod...

TLI 152 Week 1 - 8 Quizzes | Questions and Answers The global economic trend has been for ________ countries to move toward ________. Capitalist; socialism The way in which a country's resources are utilized to produce goods and services and the way those goods and services are distributed among those who desire to have them depends upon the Economic system under which the country operates. What is the term for the periodic rises and falls that occur in economies over time? Business Cycles Wh...

1. International macroeconomics studies: A) decisions of individual households in other countries. B) decisions by governments in other countries. C) the interrelationship of large-scale economic issues across countries. D) the interrelationship of politics and economics within a country. 2. International macroeconomics focuses on: A) isolated nations. B) economy-wide variables such as interest rates, income, prices, and wealth. C) city-level economic problems. D) market-s...

Value - answers-the relationship between the price of a good or service and the benefits that it offers its customers Business - answers-any organization or activity that provides goods and services in an effort to earn a profit Profit - answers-the money that a business earns in sales or revenue, minus expenses, such as the cost of goods, and the cost of salaries. Revenue - Expenses = Profit (or Loss) Loss - answers-when a business incurs expenses that are greater than its revenue E...

AQA Macroeconomics A Level Economics Key Terminologies and Definitions Short-Run Economic Growth ANSWER Growth of real output resulting from using idle resources, including labour, thereby taking up slack in the economy. Shown by a movement of a point inside the PPF to a point on the PPF Long-Run Economic Growth ANSWER An increase in the economy's potential level of real output. Shown by an outward shift of the PPF Gross Domestic Product (GDP) ANSWER The sum of all the goods and servic...

Chapter 01 The Economic Problem     
Multiple Choice Questions
  1. What do economists mean when they say that the economy faces scarcity? 
A. There are fewer resources available than there were in the 1960s.
B. It is quite evident that the world is running out of resources.
C. The economy is producing far below its capacity to produce.
D. The resources available are not sufficient to produce all that everyone wants.   
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Test Bank Questions, Chapter 3 Test Bank Questions, Chapter 1 1. Which of the following is the market-established worth of a product or a financial instrument? a. Market value b. Fair value c. Cash flow d. Investments e. Book value Answer: a 2. Which of the following best defines personal finance? a. The study of how people minimize risk for a given level of return b. The study of how people maximize return for a given level of risk c. The study of how people develop the ...

FTCE Elementary Education (Florida Teacher Certification Examination), Exam Bank The reading process is made up of these five components: Phonemic Awareness, Fluency, Phonics, Comprehension, and Vocabulary. Components of Emergent Literacy are: Print Awareness, Print Motivation, Oral Language, Letter Knowledge, Phonological awareness, Narrative skills. Emergent Literacy Consists of reading-related knowldge and skills that children develop prior to formal instruction in reading. Print Mot...