After the advent of Keynesian macroeconomics in 1930s terminology emerged for
- Aggregate accounting system- a set of rules and definitions for measuring economic
activity in the economy as a whole.
- National Income Acc
Law of Demand
High Price- Low Demand
Low Price- High Demand
Demand - the relationship between price and quantity demanded.
Quantity Demanded- Changes relative to price.
- Price never shifts the demand curve.
eBook Demand Schedule (really a table that show
GDP: The Measure of National Income
Circular Flow of Income and Expenditures
Firm can sell food or shelter
Man pays the firm with labor
Household Expenditures: $3500
Total Income: $3500
Firms Revenue: $3500
Firms Expenditures: $3000
Firms Profit: $500
ty Supply for apples is 1000 apples at $1 Dollar. What happens?
- Well the Quantity Demanded is 4000 apples.
Shortage of 3000 apples.
Price go up.
Quantity Supplied for apples is 3000 apples at $3 D
Economic Growth, Business Cycles, Unemployment, and Inflation
Two Frameworks: The Long Run and the Short Run
Long Run Growth: focuses on incentives for supply; that's why it is sometimes called supplyside economics.
- Policies affect production or supply-
Chapter 2- The Production Possibility Model, Trade and Globalization.
The Production Possibilities Model
Opportunity Cost can be seen numerically with a production possibility table.
Production Possibilities Table- a table that lists a choice opportunity
Production Possibilities Frontier
Hunter and Gatherer- You gather Berries and Rabbits
All other things Equal.
Ceteris Paribus- All the other variables is equal. Hunting tools and everyt
Chapter 5 Using Supply and Demand
The Price of a Foreign Currency
Market for foreign currencies is called foreign exchange (forex) market.
- Market that determines the exchange rates
Exchange Rate- the price of one countrys currency in terms of anothers c
Economics and Economic Reasoning
What Economics is?
Economics is the study of how humans coordinate their wants and desires, given the decision
making mechanisms, social customs and political realities of the society. Coordination is the
key definition of
V Chapter 4- Supply and Demand
Demand- People may want a lot of things but that does not mean they demand it.
- Willingness and the ability to pay.
Quantity demanded is higher at a higher price.
Quantity demanded is lower at a lower price.
Prices are a to
These sample microeconomic and macroeconomic questions are illustrative of the content you should be familiar with prior to attending the Training of Trainers Program and are for you to assess your knowledge of economics. Please do not return this section
Political Science 230 Roskin, pgs. 204-211, A:IR26-08 Deterrence True or False Questions
1. According to Roskin and Berry, in the 1990s Saddam Hussein concluded that WMDs were useless against the U.S. and disposed of them. True or False 2. Any ind
Supply and demand practice Draw 2 shifts in each graph indicating how demand (D), supply (S), price (P), and equilibrium quantity exchanged (Q) are affected after taking into account all the events given. Assume all events have an impact on the mark
Data: Countries and Maximum Output of 2 goods 1. Japan Daily 45 ,000 cars 1 ,000 carats (ct) of diamonds 2. Saudi Arabia Daily 8 Million Barrels of Oil per day (MBPD oil) 80 Airplanes 3. Denmark Daily 48,000 tons of cheese 12,000 customer service call cen