Macroeconomics 101 Exam #1
Above equilibrium - ANS-surplus or extra supply
Below equilibrium - ANS-scarcity or extra demand
Ceteris Paribus - ANS-hold all else steady
Command Economy - ANS-PUBLIC ownership of resources
Demand - ANS-consumers willingness to buy (negotiating)
Demand Price - ANS-maximum price consumer is inclined to pay for an excellent
Demand Schedule - ANS-desk of demand fees and quantities demanded
Economics - ANS-the take a look at of ways society allocates scare resources amongst
alternative makes use of
Efficiency - ANS-use of all resources and all resources used to nice uses
Equation of a line - ANS-y=a+bx
Equilibrium - ANS-whilst supply equals demand;
"The Invisible Hand"
Equity - ANS-Fairness
Graphing Data - ANS-y(established variable)
x(impartial variable)
y=f(x)
Growth - ANS-1. Develop Technology
2. Get greater sources
*Needs efficiency to grow*
Law of Demand - ANS-negative dating among rate and amount demanded
Law of Supply - ANS-effective dating among rate and quantities furnished
Linear - ANS-straight line
Macroeconomics - ANS-National/financial system wide stage
Above equilibrium - ANS-surplus or extra supply
Below equilibrium - ANS-scarcity or extra demand
Ceteris Paribus - ANS-hold all else steady
Command Economy - ANS-PUBLIC ownership of resources
Demand - ANS-consumers willingness to buy (negotiating)
Demand Price - ANS-maximum price consumer is inclined to pay for an excellent
Demand Schedule - ANS-desk of demand fees and quantities demanded
Economics - ANS-the take a look at of ways society allocates scare resources amongst
alternative makes use of
Efficiency - ANS-use of all resources and all resources used to nice uses
Equation of a line - ANS-y=a+bx
Equilibrium - ANS-whilst supply equals demand;
"The Invisible Hand"
Equity - ANS-Fairness
Graphing Data - ANS-y(established variable)
x(impartial variable)
y=f(x)
Growth - ANS-1. Develop Technology
2. Get greater sources
*Needs efficiency to grow*
Law of Demand - ANS-negative dating among rate and amount demanded
Law of Supply - ANS-effective dating among rate and quantities furnished
Linear - ANS-straight line
Macroeconomics - ANS-National/financial system wide stage
