M (1).pdf - Principles of Macroeconomics APEC 1102 TEST#1 Chapters 1-5 Vocabulary Capita Human-made resources used to produce goods and services Ceteris

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Principles of Macroeconomics APEC 1102 TEST #1 Chapters 1-5 Vocabulary Capita: Human-made resources used to produce goods and services Ceteris paribus: "Other things equal"; the assumption that factors other than those being considered are held constant Circular flow model: The flow of productive resources from households to firms and of products from firms to households. These flows are accompanied by reverse flows of money from firms to households and from households to firms Command economy: An economic system in which property resources are publicly owned and government uses central economic planning to direct and coordinate economic activities Dependent variable: A variable, which changes as a consequence of a change in some other variable; the 'effect' or outcome Direct relationship: The relationship between two variables, which change in the same direction, for example, product price and quantity supplied Economic growth: An outward shift in the production possibilities curve which results from an increase in resource quantity or quality or an improvement in technology; an increase either in real output or real output per capita
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