AP-Macroeconomics - Unit II Part 1

An “increase in demand” means a _________ shift of any given demand or supply curve.

Efficient production exists when the economy is _____

This branch of Economic analysis makes prescriptions about the way the economy should work.

The labor force is the sum of Employment & ______

This is the branch of economic analysis that describes the way the economy actually works.

This is a model of how a competitive market works.

This is the willingness of people to organize & assume risks involved with business ventures

Coal, Corn and paper are associated back to this main resource.

this economic disaster lasted from 2008 until 2010

There is a _________ of a good when the quantity supplied exceeds the quantity demanded.

Someone makes a ________when they give up something to get something else.

This is the study of how people make decisions & how those decisions affect others in the econ.

People who better understand the econ. from the gov. perspective tend to use this analysis

increase in an econ. resources & progress in technology, are the two general sources of this.

All Resources are ________

These are periods of economic downturns when output and employment are falling.

A market equilibrium occurs where the supply curve and the _________ intersect.

Land, Labor, Capital, and Entrepreneurship is known in economics as the_______.

we usually lump together changes in demand due to fads, and so on under the heading __

The real cost of an item is its __________ or what you must give up in order to get it.

this economic disaster lasted from 1929 until the late 1930s

In a given economy, __________ is the total number of people currently working for pay.

This is the short-run alternation between economic downturns and economic upturns.

This is the study of the economy as a whole.

This law says that the price and quantity supplied of a good are positively related.