Macroeconomics Review Granning Ch1-5

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Can you name the Macroeconomics Chapters 1-5?

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When discussing the public sector, you must have this economic actor
This field of economics looks at the choices made by entire countries
This refers to the more you consume of a product the less utility you receive from the product
Production or consumption costs inflicted on a third party without compensation are called
Economics is basically the study of
A minimum price fixed by the government
Welfare checks and food stamps are examples of this payment
This form of firm has the most sales
Products that satisfy your wants and are final products read for sale are ________________ goods
Goods whose demand varies inversely with money income are referred to as _______________ goods
This field of economics looks at the choices made by individuals, households and corporations
This says the higher the price the lower the demand and vise-versa
The principle that as the production of a good increases, the cost of producing an additional unit also rises
A product that is supposed to last less than three years is referred to as a _______________ good
The creation of new products completely destroys the market position of older products
This problem occurs when a person receives a public good without paying for it
This is the second best choice or alternative
If a PPC moves outward there is either an increase in resources or __________________
In this economic system private enterprise is encouraged and the people make the choices
This field of economics involves judgement
This is the maximum legal price a seller may charge for a product or service
This act was meant to encourage americans to buy domestic by placing a tariff on foreign goods, but created an adverse effect where foreign countries also put a tariff on the Unite
When the dollar price of yen increases we say that there is a ________________ of the dollar
QuestionAnswer
Land, labor, capital and entrepreneurship make up....
a group of firms that produce the same, or similar products
two or more individuals agree to operate a business together is a reference to .......
The U.S., Mexico and Canada are all part of this trade bloc
A good that is used together with another good
A situation where a country can produce a specific product at a lower opportunity cost than another country
A good that can be used in place of another
an organization that employs resources to produce goods and services for profit and operates on or more plants
This says the higher the price the more product will be supplied so that the producer may make more of a profit
This is the percent of american income received in wages and salaries
When the dollar price of the yen decreases we say that there is a __________________________of the dollar
These involve nonrivalry and nonexcludability
The trade bloc in Europe is known as the
This compares marginal benefits and marginal costs
This can be used to determine the opportunity costs between making two different products by a company
Most firms in america are of this kind
The point where demand and supply are equal is referred to as the
The tools used in making a product are referred to as
a busines owned and operated by one person
This method is used to determine economic theories and principles
In a circular flow model there are two markets, a product market and a _________________ market
A product that is expected to last three years or more is referred to as a ______________ good
Adam Smith created this term to refer to how people will look out for their own self-interest but will also help the community as a whole
QuestionAnswer
when a single seller controls an entire industry
Scarcity can be best defined as limited resources and ______________ wants
The pleasure, happiness, or satisfaction of consuming a good
If supply exceeds demand you will experience a
The other-things-equal assumption is better known as
If a demand or supply curve is increasing it is shifting this way
Human specialization
products whose demand vary directly with money income are referred to as _____________ goods
when you lend money to a corporation with a promise of a certain percent returned you are involved in a
This represents a share of ownership in a corporation
This is the problem created between stockholders and their CEO's
A physical establishment
In economics, if something is desired or wanted it has
In economics, this word means total
This organization replaced GATT
This tax is one of the main ways governments interfere with trade
If demand exceeds supply you will experience a......
This field of economics concentrates on facts and cause-and-effect relationships
most revenue generated for the federal government comes from this tax
This occurs when a country makes more of two products than another coutnry. ______________ Advantag
34% of all federal expenditures go to this
In this economic system an individual or small group make the choices for the people

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