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$100 $200 $300 $400 $500 Demand and Supply ProductionPossibilities GDP Aggregate demand And supplyInflation&Deflation Comparative and Absolute advantage
C1-$100 - $100
C1-$200 - $200 Comparative Advantage
C1-$300 - $300 Mexico
C1-$400 - $400 If Mexico has 150 bikes and 250 tires while the US has 140 bikes And 150 tires, who has the higher comparative advantage? United States
C1-$500 - $500 Making a sacrifice in a economic choice Opportunity Cost
C2-$100 - $100 When consumers buy as much as they can for as little money possible Law of Demand
C2-$200 - $200 When producers desire to produce as much as they can and sell it For as much as they find possible Law of Supply
C2-$300 - $300 As price increases, quantity does too Supply
C2-$400 - $400 What occurs when the quantity supplied is about 250 and the Quantity demanded is 350? Surplus!
C2-$500 - $500 Point at which supply and demand meet: Equilibrium
C3-$100 - $100 Point at which an economy operates inside the PPC/PPF graph Inefficiency
C3-$200 - $200 Point at which is outside the PPC/PPF graph is? Unattainable
C3-$300 - $300 The more you have of something, the less satisfaction is obtained With each new acquired unit of it is known as Decreasing Marginal Utility
C3-$400 - $400 Law of Increasing Opportunity Cost
C3-$500 - $500 What shows the tradeoffs in the production of goods? Production Possibilities Frontier (PPF)
C4-$100 - $100 Where Land, Labor, capital, entrepreneurship and other resources are Exchanged.,
C $200 Goods and services bought from one firm by another to be Used as inputs into the production of final goods and services.
C3-$300 - $300 Total spending of domestically produced final goods And services in the economy. C+I+G+XN Aggregate Spending
C3-$400 - $400 Difference between the value of exports and the value of imports. Net Exports
C3-$500 - $500 Showa exchange of money, products, and resources between businesses, households, and government. Circular Flow Model
C4-$100 - $100 A combination of inflation and recession, usually Resulting from a supply shock. Stagflation
C4-$200 - $200 A curve that shows the relationship in he short run between the price and quantity of real GDP supplied by firms SRAS Curve
C4-$300 - $300 A curve that shows the relationship in the long run b/w the price level and quantity of real GDP supplied. SRAS Curve
C4-$400 - $400 What are the shifters of aggregate demand? Consumption, investment, government actions/spending, and Changes in net exports
C4-$500 - $500 What are the shifters of aggregate supply? Changes in input prices, changes in productivity/technology, business taxes and subsidies and government regulations.
C4-$100 - $100 Type of employment caused by workers voluntarily changing jobs By temporary layoffs. “In between jobs” Frictional Unemployment
C4-$200 - $200 Unemployment of workers whose skills are not demanded by employers. Structural Unemployment
C4-$300 - $300 Measured by CPI and consists of two types cost-push and demand pull Inflation
C4-$400 - $400 This inflation will self limit and die out on its own by resulting in a recession. Cost-Push Inflation
C4-$500 - $500 This is consumer driven and will continue until excess spending halts. Demand Pull Inflation
Aggregate Demand and Aggregate Supply Chapter Objectives Aggregate Demand and the Factors That Cause it to Change Aggregate Demand and the Factors That.
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AGGREGATE DEMAND (AD): The quantity of real GDP demanded at different price levels. -The price level is measured using the GDP deflator. -The quantity.
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