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.

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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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