Term
| What does the Circular Flow Diagram show? |
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Definition
| Interactions of Economic Agents that make-up the Economy |
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Term
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Definition
| the Factors of Production |
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Term
| What is the Market Price? |
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Definition
| the place where buyers and sellers come together to exchange G&S...Takes place in factor market |
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Term
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Definition
Firms
Demands side in the factor market
Seller's side |
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Term
| Where do firms exchange G&S? |
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Definition
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Term
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Definition
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Term
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Definition
Investments
Services
Exports |
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Term
| Microeconomic model because |
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Definition
| Deals with the markets and the household |
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Term
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Definition
| the cost of the next best alternative forgone when a choice is made |
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Term
| Point F is inefficient because |
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Definition
| our available resources are being underutilized |
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Term
| American reinvestment and recovery act |
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Definition
| Allowed to give back to the community to allow for economic recovery |
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Term
| Point G is unattainable given current resources because |
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Definition
| we must increase land, labor, capital, or E.A. |
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Term
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Definition
| Having the wealth and resources to produce more |
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Term
| Explain what a PPF shows. |
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Definition
| It shows the possible goods and services that can be produced if all resources are used efficiently. |
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