First Semester Exam Review - Principles of Economics

A collection of vocabulary flashcards to help students review key economic terms and concepts for the first semester exam.

Economic Activity

The activities of production, distribution, and consumption of goods and services.

Economic Problem

The issues arising from limited resources and unlimited human wants.

Production Possibility Curve

A graphical representation showing the maximum feasible amounts of two goods that can be produced with available resources.

Demand

The quantity of a product that consumers are willing and able to purchase at various prices.

Supply

The total amount of a product available for sale at a given price.

Market Equilibrium

The state where the quantity demanded equals the quantity supplied, with no surplus or shortage.

Final Exam Contribution

30% of the total grade.

Classwork Contribution

70% of the total grade, divided into two semester tests and attendance.

True or False Questions

One of the types of questions in the exam, worth 10 points.

Multiple Choice Questions

The second type of questions in the exam, worth 20 points.

Instructions for the Exam

Guidelines for attending the exam, including identification and no deferrals without valid reasons.

Factors of Production

The resources used to produce goods and services, including land, labor, capital, and entrepreneurship.

Scarcity

The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

Opportunity Cost

The cost of the next best alternative foregone when a choice is made.

Consumer Behavior

The study of how individuals make decisions to spend their available resources.

Market Demand

The total quantity of a good demanded across all consumers in the market at different prices.

Elasticity of Demand

A measure of how much the quantity demanded of a good changes when its price changes.

Price Ceiling

A maximum price that can be charged for a good or service, often leading to shortages.

Price Floor

A minimum price set for a good or service, often leading to surpluses.