Unit 1 Macroeconomics Unit 1

___ is  lost gains associated with transactions that do not occur due to market intervention.

Macroeconomics focuses on things like _____.

Any regulation that is above equilibrium and prevents prices from sliding downward is a ____.

An upper limit on the quantity of some goods that can be bought or sold is called ____.

Countries engage in trade when both benefit.  This is seen through the concept of  _________.

Which of the following is positive statement?

Refers to all of resources that come from nature

__________ always exist and __________ is temporary.

The most common price floor today is _____.

Any regulation that set prices below equilibrium and prevents prices from increasing is a ____.

A ___ is an upward sloping curve depicting the relationship between quantity and prices.

When the rise in the price of a good causes a demand for more of another good, it ___ effect.

Anything that is used to produce a good or service is call a(n) ____.

A market in which goods or services are bought and sold illegally or prohibited is a(n) ____.

The ____ states that a higher price for a good or service lead people to want a small quantity.

The ceteris paribus  assumption means ______.

Something  people  buy more of when their incomes increase is called a _____ good.

"Choosing is refusing" means that everything has a ______.

The short run alteration between economic downturns and upturns is known as the _____.