studies very specific elements of the economy

prices artificially high and the market collapses, losing much of the wealh

What is opportunity costs?

What you have to give up to get something else.

at higher prices, buyers will demand less of an economic good.

Measurement used to determine inflation

In a business cycle, recession

represents contraction where the economy slows

Structural Unemployment

Change of how business is organized; lack of skills

amount of goods available and the desire to have them

An economic bubble bursts when ___

everyone realises the price is higher than the intrinsic value of the stock

the change in price for certain goods produced

What is the business cycle?

fluctuations in a country’s economic activity over time

What is opportunity cost?

What you give up when you make a choice.

Total value of all economic activity in a country

The business cycle...

shows the rise and fall of production output of goods and services, Is measured by GDP (gross domestic product)

the study of the workings of the economy as a whole

In supply and demand, supply means

the amount of something that people want to sell.

Define supply and demand.

Price of a good rises & falls depending on if people want it

Define GDP per capita: GDP...

divided by the total number of people living in a nation

Highest point between the end of an economic expansion and the start of it

The supply of products in excess.

Which best defines Inflation

sustained rise in the general price level or a fall

The rate at which the general level of prices goes down

Cyclical Unemployment

Lack of demand; downturn in business cycle

What is the Business Cycle?

The alternating periods of expansion

Both answers "A" and "C" are correct.

Gross Domestic Product: what everyone within a country makes

Actual performance of the economy

the study of how households & firms make decisions

Structural Unemployment

Mismatch between # of job seekers and # of jobs available

B. A sustained increase in the weighted average of ALL prices.

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MCAP ECONOMICS REVIEW

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Questions 39

Answers

1
Because scarcity exists, that means we have to make difficult choices. The choice given up is..
unfortunate
opportunity costs
trade-off
opportunity lost
2
A food surplus is:
extra food
almost enough food
lack of food sources
3
Micro economics
studies the impact of Apple
deals with the quantam world
studies the economy as a whole
studies very specific elements of the economy
4
Transitional unemployment due to people moving between jobs is...
Frictional unemployment
Cyclical unemployment
Structural unemployment
Seasonal unemployment
5
Economic bubble
prices artificially high and the market collapses, losing much of the wealh
Money owed to someone else. Also the state or condition of owing money
How a product gets from its origin (farm/factory etc.) to the consumer
a sum of money granted by the government to assist an industry or business
6
What is opportunity costs?
The demand for goods.
What you have to give up to get something else.
There is not enough for everyone.
When things are on sale.
7
Supply and Demand
consumer preferences determine the production of goods and services.
at higher prices, buyers will demand less of an economic good.
not being able to have all the goods and services one wants.
The second-best alternative that must be given up when making a decision
8
Define CPI
Measurement used to determine inflation
Measurement used to determine number of houses
Measurement used to determine taxes
Measurement used to determine deflation
9
In a business cycle, recession
represents the bottom of the business cycle
represents contraction where the economy slows
represents expansion in the economy
represents the top of the business cycle
10
Structural Unemployment
When a worker is between jobs, trying to find a better job.
Changes in weather
Lack of demand; downturn in business cycle
Change of how business is organized; lack of skills
11
supply and demand
positive growth in the economy and the desire to grow more
amount of goods available and the desire to have them
12
An economic bubble bursts when ___
everyone realises the price is higher than the intrinsic value of the stock
demand for a product outweighs supply.
there are no longer any shares left to sell.
the stock market crashes.
13
MCAP
MCAP
MCAP
MCAP
MCAP
14
Define CPI
the dollar value to the amount of goods produced in a year
the change in price for certain goods produced
inflation experienced by a nation in a year
total people listed as unemployed
15
What is the business cycle?
the flow of money between households and businesses
fluctuations in a country’s economic activity over time
the tendency of a new business to get larger each year
the exchange of goods between different nations
16
What is opportunity cost?
What you give up when you make a choice.
What you pay for with a credit card.
The opportunity to go shopping.
The cost of a good or service.
17
Define GDP
Total value of exports of a country per year
Total value of government revenue collected
Total value of imports of a country per year
Total value of all economic activity in a country
18
Scarcity is defined as
Having more than you need
Lacking a resource
The ability to scare someone
Trading one item for another
19
The business cycle...
Is a lagging indicator
Is not a good indicator or inflation
shows the rise and fall of production output of goods and services
Is measured by GDP (gross domestic product)
20
Business Cycle; ___= Growth in economic activity
Expansion
Contraction
21
macro economics
the branch of economics that uses objective analysis to
the study of the workings of the economy as a whole
the exchange of one benefit for another that may be better
motivates a person to take a particular course of action
22
In supply and demand, supply means
the amount of something that people want to sell.
the amount of money people want to spend.
something you give people before they ask for it.
the same as demand.
23
Define supply and demand.
a government tax on imports or exports
limit placed on the product quantities that can be imported
Price of a good rises & falls depending on if people want it
trade barrier placed a ban on trade with another country
24
Define GDP per capita: GDP...
multiplied by the total number of people visiting a nation
divided by the total number of people visiting in a nation
multiplied by the total number of people living in a nation
divided by the total number of people living in a nation
25
Business-cycle peak
Highest point between the end of an economic expansion and the start of it
High inflation combined with high unemployment and stagnant demand
Measurable economic factor that changes
More specifically, contraction occurs after the business cycle peaks.
26
Define surplus.
Having the best agriculture.
The supply of products in excess.
Having more achievements than what you need.
27
Which best defines Inflation
Measure of changes in wholesale prices
sustained rise in the general price level or a fall
rate of change in prices over a set period of time.
a measure of changes in the price of goods and services
28
Every Business Cycle includes a depression.
False
True
29
What is deflation?
The rate at which the general level of prices goes down
when the general level of prices goes up
When there is a reduction in the supply of money or credit
30
Cyclical Unemployment
Lack of demand; downturn in business cycle
Changes in weather
When a worker is between jobs, trying to find a better job.
Change of how business is organized
31
What is the Business Cycle?
The alternating periods of expansion
moving while going up
moving on to the next
more work of time
32
Inflation defined.
When prices are falling across the economy.
Both answers "A" and "C" are correct.
When prices are rising in general across the economy.
When money loses value.
33
Define GDP
The measure of unemployment in a country.
Gross Domestic Product: what everyone within a country makes
Gross Domestic Product divided by a country's population.
A type of Ebola Virus.
34
Define Real GDP
Actual performance of the economy
Represents the highest point in the business cycle
Represents even growth
Represents the lowest point in a business cycle
35
micro economics
the study of how households & firms make decisions
the branch of economics that uses objective analysis to
the exchange of one benefit for another that may be better
motivates a person to take a particular course of action
36
Structural Unemployment
People who are temporarily between jobs
Mismatch between # of job seekers and # of jobs available
Temporary unemployment because of the time of year
Lack of overall demand in the economy
37
Business cycle: Trough...
Wages increase, low unemployment
Economy stops growing
Rock bottom, low spending
High unemployment, jobs decline
38
Define Inflation:
B. A sustained increase in the weighted average of ALL prices.
C. A sustained increase in relative prices.
A. Any increase in the general price level.
D. An increase in the prices of specific products.
39
in the business cycle, depression is the lowest level
True
False

MCAP ECONOMICS REVIEW Flashcards | StudBud