California Southern University

Macroeconomics The study of the economy as a whole, including inflation, growth and unemployment. Aggregate demand The total of all demands or expenditures in the economy at any given price. Aggregate demand curve Shows the relationship between the price level and equilibrium national income. As the price level rises the equilibrium level of national income falls. Animal spirits Business confidence: the mood of managers and owners of firms about the future of their indus...

Microeconomics The study of individuals, markets, firms and industries. Focuses on the details of small-scale components within the economy. Macroeconomics The study of whole economic systems: national economies and the global economy. Looks at the whole economy on a large scale. Standards of Living (SoL) The quality of life enjoyed by people. This comprises material aspects (i.e. how much people are getting of the things they want and need), and non-material aspects (i.e. how healt...

scarce resources resources that are limited or finite opportunity cost the value of the next best alternative forgone economic problem resources are scarce but wants are unlimited production possibility frontier a diagram that shows all the combinations of two goods that can be produced when all factors of production are being used normative statement an economic statement based on a value judgement and therefore cannot be tested positive statement an eco...

Backwards vertical integration a joining together into one firm of two or more firms where the purchaser merges with/takes over one or more of its suppliers Conglomerate integration a joining together into one firm of two or more firms producing unrelated products Demerger when a firm splits into two or more independent businesses Divorce of ownership from control when managers and directors of a business are different from the owners of a business (the shareholders) ...

Economics The study of the allocation of scarce resources. Economic Goods Resources that are scarce. Short Run A time period where at least one factor of production is fixed. Long Run A time period where all factors of production are variable. Productivity The output per unit of input. The Economic Problem Resources are scarce but wants are infinite. Scarcity The world's resources are limited, there are only limited amounts of land, water, oil, f...

Economics The study of the allocation of scarce resources. Economic Goods Resources that are scarce. Short Run A time period where at least one factor of production is fixed. Long Run A time period where all factors of production are variable. Productivity The output per unit of input. The Economic Problem Resources are scarce but wants are infinite. Scarcity The world's resources are limited, there are only limited amounts of land, water, oil, f...

Absolute advantage When a country's output of a product per unit of input is greater than that of any other country. Absolute poverty When a person does not have the income or wealth to fulfil their basic needs. Aggregate Demand (AD) The total demand/spending in an economy at a given price level over a given period of time. Made up of consumption, investment, government spending and net external demand. Aggregate Supply (AS) The total amount of goods and services that c...

Model A theoretical concept that looks at how differant variables interact. Ceteris Paribus All other factors remain the same. Positive Statement Objective, factually based comments that can be tested. Normative Statement Subjective, questionable comments based on valued judgements that are difficult to test. Scarcity When there are unlimited human wants but limited number of resources to meet these wants. Economic Problem Making choices on how to allocat...

All torch operators, an oxigen-fuel torch using any amount of oxigen and flamable gas and fire guards must have a current Certificate of Fitness The Certificate of Fitness holder must regulate the pressure and flow of oxygen and natural gas to each torch. if the torch operator for jewelry manufacture involves any oxygen with any fuel gas containers, the operator must be a C of F holder. A Certificate of Fitness Holder must keep his or her certificate on their person or o...

1.- All persons conducting hot work operations or performing fire watch shall? Be trained in the use of portable fire extinguishers, and shall be capable of extinguishing fires when they are limited in size and spread such that they can readily be extinguished using a portable fire extinguisher. 4.-In the event of a fire extinguisher has been discharged, what to do next? A fully charged replacement is required before work can resume. The C of F holder is recommended to be trained f...