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8 Cards in this Set
- Front
- Back
The sacrifice of some or all of one economic good or service to achieve some other good or service.
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Opportunity Cost/Trade-off
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The part of economics concerned with the economy as a whole; with such major aggregates as the household business and governmental sectors; and with measures of the total economy.
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Macroeconomics
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The analysis of facts or data to establish scientific generalizations about economic behavior. What "is" type statement.
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Positive Statement/Economics
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Describe the opportunity cost for these two products.
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Increasing Opportunity Cost:
Each addition of Unit A results in an ever increasing opportunity cost of Unit B |
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Describe the opportunity cost for these two products.
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Decreasing Opportunity Cost:
Each addition of Unit A results in an ever decreasing opportunity cost of Unit B. |
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After 9-11, the U.S. entered a recession with unemployment levels reaching above 6%. How would this be depicted on a PPC curve?
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U.S. after 9-11 with unemployment levels reaching above 6%.
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The process of accumulating capital.
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investment (Ig)
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A nation can accelerate its economic growth by:
a. reducing the number of immigrants allowed into the country. b. adding to its stock of capital. c. printing more money. d. imposing tariffs and quotas on imported goods. |
b. adding to its stock of capital
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