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secuirty
answer
when available goods or resources are insufficient to meet current demand for there goods or resources.
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Opportunity Cost
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The value of the best alternative that must be given-up when a choice is made.
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Rational Self-Interest
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the best way to satisfy you.
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Inputs
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The (labor, machinery, and raw material, used to make outputs
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Outputs
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good or service to consumer.
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Market
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A place or service that enables buyers & seller to exchange goods or service.
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Barter
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The direct exchange of goods and services without the use of money
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double coincidence of wants
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two traders are willing to exchange their products directly
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Progressive taxes
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when the average tax rate paid by an individual increases when that individual's income increases
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Nominal Gross Domestic Product (GDP)
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The current value of total output produced in an economy
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Potential gross domestic product
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The level of Real GDP that the economy could produce when it is fully employed.
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Quantity Demand
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The specific amount of goods and services consumers are willing and able to purchase at specific price
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Low of Demand
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An increase in the price level will cause a decrease in the quantity demanded for a good
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Equilibrium
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A state of balance or the middle
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shortage good
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Quantity demand shorter than quantity supply
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Nomial v. Real variables
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aggregate = Total
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Inflation
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sustained increase in the general level of prices
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Deflation
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A situation in which prices are declining
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Aggregate Demand
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shows total GDP
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aggregate Suppy
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the curve shows the quantity supplied of GDP of each possible value of the general price levels.
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Nominal GDP
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= P ( price level) x Y ( real GDP)
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Real Gross Domestic Product
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The value of all final goods and services produced in the domestic economy during a specified period of time
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Final Goods
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A good and services that are consumed by their ultimate (or final) consumer.
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