Worksheetseconomics review
Total questions: 16
Worksheet time: 8mins
What the crucial problem of economics
scarcity
bobba
money
What is trade off
a giving up of one thing in return for another
a exchange
a give down of one thing in return for another
What is an opportunity cost
you loss money
the potential forgone profits from a missed opportunity
Define demand
is the difference quantities of good and services that consumers are willing and able to buy at different prices
an insistent and peremptory request, made as if by right.
As price fall quantity demanded Rises / as price rises quantity demanded falls
law of demand
law of supply
netwons 3rd law
is a graph model that shows alternative ways that an economy can use its scarce resources
MPC
AD
PPC
there is a direct or positive relationship between price and quantity supplied
law of supply
law of economics
law of aggregate demand
As income increases demand falls as income falls demand increases
typical good
normal goods
inferior goods
are goods used in place of another Ex if the price of one increases the demand for the other will increased
What is a substitute
bank system
complement
A economic model that illustrate how how money moves from producers to customers and back against in a endless lop
What is the circular flow
cyclical
is the $ value of all final goods and services produced within a country in one year
GDC
GDP
GDS
MPC + MPS=
MPS
MPC
1
What is classical economic
loanable funds theory assume that we are rational S=I
cause large changes in aggregate spending or aggregate demand (AD)
What is aggregate demand
affect An initial change in spending (C,Ig,G,Xn) cause large changes in aggregate spending or aggregate demand (AD)
is all goods and services(real GDP) that buyer are willing and able to purchase at at different prices levels
whats is the goal of economics
slow down the economics
manipulate the money supply
fix economics problems
encourage investments
What is the goal of monetary
m
m
is to manipulate the money supply in order to achieve certain economics objectives
m
