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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