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Test Bank for Principles of Macroeconomics (Midterm Exam 1)11th Edition by N. Gregory Mankiw
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Test Bank for Principles of Macroeconomics (Midterm Exam 1)11th Edition by N. Gregory Mankiw
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Test Bank for Principles ofMacroeconomics (Midterm Exam 1)11th
Edition by N. Gregory Mankiw
Scarcity - ANSA situation where unlimited wants exceed the limited resources available to fulfill
those wants
Economics - ANSThe study of the choices people attain their goals, given their scarce
resources
Positive Analysis - ANSconcerned with what is
Normative Analysis - ANSconcerned with what ought to be
Microeconomics - ANSThe study of how households and firms make choices, how they interact
in markets, and how the government attempts to influence their choices
Macroeconomics - ANSThe study of the economy as a whole, including topics such as inflation,
unemployment, and economic growth
Trade-off - ANSThe idea that because of scarcity, producing more of one good or service means
producing less of another good or service
Production possibilities frontier (PPF) - ANSA curve showing the maximum attainable
combinations of two products that may be produced with available resources
Opportunity Cost - ANSThe highest-valued alternative that must be given up to engage in an
activity
Economic Growth - ANSThe ability of the economy to increase the production of goods and
services
Trade - ANSThe act of buying and selling
Absolute Advantage - ANSThe ability of an individual, a firm, or a country to produce more of a
good or service than competitors, using the same amount of resources (usually time)
Comparative Advantage - ANSThe ability of an individual, a firm, or a country to produce a good
or service at a lower opportunity cost than competitors
, Imports - ANSGoods and services bought domestically but produced in other countries
Exports - ANSGoods and services produced domestically but sold in other countries
Free trade - ANSTrade between countries without government restrictions
Product Market - ANSA market for goods - such as computers - and services - such as medical
treatment
Factor Market - ANSA market for factors of production, such as labor, capital, natural resources
and entrepreneurial ability
Factors of production - ANSThe inputs used to make goods and services
Entrepreneur - ANSSomeone who operates a business, bringing together the factors of
production - labor, capital, and natural resources - to produce goods and services
Circular-flow diagram - ANSA model that illustrates how participants in markets are linked
Free Market - ANSA market with few government restrictions on how a good or a service can be
produced or sold or on how a factor of production can be employed
Market economy - ANSAn economy in which the decisions of the household and firms
interacting in markets allocate economic resources
Centrally planned economy - ANSAn economy in which the government decides how economic
resources will be allocated
Property Rights - ANSThe rights individuals or firms have to the exclusive use of their property,
including the right to buy or sell it
Quantity Demanded - ANSThe amount of a good or service that a consumer is willing and able
to purchase at a given price
Market Demand - ANSThe demand by all consumers of a given good or service
Demand schedule - ANSA table that shows the relationship between the price of a product and
the quantity of the product demanded
Demand curve - ANSA curve that shows the relationship between the price of a product and the
quantity of the product demanded
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