Friday, May 18, 2012

Key Terms to Know for the Exam

Factors of Production
Opportunity cost
Command economy
Scarcity
Law of supply and demand
Supply
Demand
Supply curve
Demand curve
Equilibrium
Wages
Embargo
GDP
Tariff
Law of Diminishing Return
Aggregate Supply
Aggregated Demand
In-Kind Transfers
FED
Determinants (G.O. S.P.I.T & P.O.I.N.T.)
• Market Structure
Production Possibilities Curve
Monetary Policy
Elasticity
Price Floor
Unemployment [including the 4 TYPES]

U.S. Currency
Circular Flow of Income
Monetary Policy
Fiscal Policy
Monetarism
• Allocative Efficiency
Comparative Advantage


• Chapter 19 Essay

1 comment:

  1. Doesn't that last comparative advantage example in your post have an incorrect conclusion in the end? Country A should produce cars as it has a lower opportunity cost of producing cars, and country B should produce computers as it has a lower opportunity cost for producing them. Please email me if you get this magdi [at] hotmail [dot] com

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