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Physical capital
________- Human- made equipment like machinery as well as buildings
entire curve
Changes in demand are when the ________ would shift upwards or downwards.
Economic growth
________- The ability to produce a larger total output over time.
price movement
Change in the quantity demanded only occurs due to change in ________ along the curve.
Opportunity cost
________- The value of what was given up.
Demand
________ is the entire line with all of the points that make it up.
Command
________- Consists of the central planning of the economy which differed in different regions of the world depending on the political regime.
inverse impact
The cost of production (land
PPC curves
Realistically
Macroeconomics
________: with ________
Entrepreneurial ability
________- The effort and know- how to put the other resources together in a productive venture.
Consumer expectation
________ plays a major role in the determination of the price.
Tradition
________- Tied to the evolution of economics
Increase flexibility
________ by adapting quickly to changing circumstances and being open to new ideas.
Shift
________ in supply is due to the determinants of supply.
equilibrium price
When supply is constant and only demand increases
Microeconomics
microeconomics filters our scope to individuals in an economy while keeping the overall economy in mind
Labor
Human effort and talent
Land or natural resources
Any resource created by nature
Physical capital
Human-made equipment like machinery as well as buildings
Entrepreneurial ability
The effort and know-how to put the other resources together in a productive venture
Tradition
Tied to the evolution of economics
Command
Consists of the central planning of the economy which differed in different regions of the world depending on the political regime
Market
Essentially
Opportunity cost
The value of what was given up
Productive efficiency
When the economy is producing the maximum output for a given level of technology and resources
Allocative efficiency
The economy is producing the optimal mix of goods and services
Optimal
The combination of goods and services that provides the most net benefit to society
Market failure
When a market fails to produce the allocative efficient quantity
Economic growth
The ability to produce a larger total output over time
Economic contraction
It is when a country's economy shrinks due to factors such as reduced spending by consumers
Law of demand
Holding all else equal
