Macro Test 1

Front 1

An excess of quantity demanded over quantity supplied

Back 1

Shortage

Front 2

An excess of quantity supplied over quantity demanded

Back 2

Surplus

Front 3

What is one of the concerns of macroeconomics

Back 3

Economic growth

Front 4

Consumptions to maximize our utilities

Back 4

Goods

Front 5

What is the highest valued alternative that is sacrificed for our own success?

Back 5

Opportunity cost

Front 6

Require decision makers to evaluate the benefit of one extra unit of something, involve a purposeful evaluation of the best decision possible

Back 6

Marginal thinking

Front 7

The study of the decisions people and businesses make regarding the allocation of resources

Back 7

Microeconomics

Front 8

The field of economics that studies the behavior of the economy as whole

Back 8

Macroeconomics

Front 9

How economists characterize, scarcity, choice and opportunity cost

Back 9

Fundamental of economic problems

Front 10

Is one that better serves the objective of the decision maker

Back 10

Optimum choice

Front 11

The different combinations of various goods and services given the available resources and existing technology

Back 11

Production possibility frontier

Front 12

What is the benefit of specialization?

Back 12

Through the specialization, the company can limit itself to the production of one item or one work

Front 13

Positive incentives

Back 13

Incentives that encourage action by offering rewards for payments

Front 14

Economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth

Back 14

Economy

Front 15

The study of the world as market including all factors influencing the flow of money

Back 15

Economics

Front 16

The main approaches of economics

Back 16

Classical and Keynesian

Front 17

The ability to produce a certain good or service at a lower opportunity cost than another

Back 17

Comparative advantage

Front 18

The absence of waste

Back 18

Efficiency

Front 19

Quantity I. Which the difference demanded and quantity supplied is zero

Back 19

Equilibrium

Front 20

When the quantity supplied will exceed the quantity demanded

Back 20

Surplus

Front 21

An increase increase in the amount of goods and services produced by an economy over time

Back 21

Economic growth

Front 22

Four factors of production

Back 22

1. Labor

2. Land

3. Capital

4. Entrepreneurs

Front 23

Five foundations of economics

Back 23

1. Incentives

2. Trade-offs

3. Opportunity cost

4. Marginal thinking

5. The principle that trade creates value

Front 24

Fundamental of Economic problem

Back 24

Scarcity, choice and opportunity cost