economics for $230

 

LESSON 12: Consumer Economics Review

Objectives:

• Explain the meaning of relevant economic terms
   
• Compare and contrast microeconomics and macroeconomics
   
• Describe in detail the economic cycle
   

1. Write a sentence or two defining the following terms in your own words. Give examples of each.

• Allocate
   
• Absolute Advantage
   
• Capital
   
• Cyclical
   
• Demand Curve
   
• Discouraged Workers
   
• Planned System
   
• Public Goods
   
• Recession
   
• Dishonest workers
   
• Elastic Demand
   
• Entrepreneurship
   
• Federal Reserve
   
• Frictional
   
• Resources
   
• Scarcity
   
• Substitute Goods
   
• Monopoly
   
• Oligopoly
   
• Induced
   
• Inelastic Demand
   
• Inflation
   
• Law of Comparative Advantage
   
• Law of Diminishing Demand
   
• Market Equilibrium Point
   
• Market System
   

2. Compare and contrast Macroeconomics and Microeconomics. Give specific details and examples.

3. Describe the economic cycle. Give specific details and examples.

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