1
Q
economics
A
based on satisfying unlimited wants and needs with scarce resources
2
Q
scarcity
A
our wants and needs are unlimited. however, our resources (money, time, land) are limited
3
Q
all resources are limited. Which of the following is NOT a resource?
A
interest rates
4
Q
note
A
- if we desire more of something than we can have
- human desire is infinite
- resources
- a want is a non-essential thing that we desire
Economics
flashcards
Decks in class (34)
# Cards
-
Scarcity4
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Production Possibilities Frontier5
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Law of Increasing Opportunity Costs4
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Comparative Advantage5
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Circular Flow Including Government7
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Demand Curve14
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Supply Curve7
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Market Equilibrium for Supply and Demand13
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Produce and Consumer Surplus11
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Capitalism10
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Unit 111
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Components of GDP5
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Circular Flow in GDP15
-
Inflation8
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Nominal vs. Real GDP14
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CPI12
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Effects of Inflation9
-
Phases of the Business Cycle6
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Types of Unemployment10
-
Measuring Unemployment7
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Costs of Unemployment8
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Unit 212
-
Micro vs Macroeconomics3
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Circular Flow with Aggregate Demand7
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Components of Aggregate Demand5
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Shifting the Aggregate Demand Curve9
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Short Term Aggregate Supply7
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Shifting the Short-Term Aggregate Supply10
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Keynesian Long Run Aggregate Supply9
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Classical Analysis of Aggregate Supply9
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Shifting the Long-Term Aggregate Suply13
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Short-run Macroequilibrium6
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Long-Run Classical Macroequilibrium13
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Long-Run Keynesian Macroequilibrium9
