Module 9 - Fundamentals of Economic Thinking
Document Actions
New file after Dec
Activity 1 : : Activity 2 : : Activity 3 : : Activity 4 : : Activity 5: : Activity 6
Activity 2: Topics and Concepts
Supply and Demand
- ceteris paribus
- complementary goods
- demand
- demand curve
- demand function
- demand schedule
- economics
- exchange
- economic problem
- economic system
- efficiency
- expenditure
- factors of production
- margin
- equilibrium
- income effect
- inferior good
- invisible hand
- law of demand
- law of supply
- law of increasing costs
- macroeconomics
- microeconomics
- specialization
- normal good
- opportunity cost
- positive/normative economics
- price
- price elasticity
- production possibilities frontier
- profit
- rational choice
- resource
- scarcity
- substitute goods
- substitution effect
- supply
- supply curve
- supply function
- supply schedule
- surplus
- shortage
Gross Domestic Product
- absolute advantage
- business cycle
- consumption expenditures
- capital accumulation
- comparative advantage
- comparative disadvantage
- division of labor
- economic growth
- expansion
- efficiency
- GDP deflator
- gross domestic product (GDP)
- gross national product (GNP)
- government expenditures
- investment expenditures
- inflation
- national income
- net exports
- personal disposable income
- nominal GDP
- opportunity costs
- production possibilities frontier (PPF)
- real GDP
- unemployment
- frictional unemployment
- cyclical unemployment
- structural unemployment
- extensive growth
- intensive growth
- trough
- peak
- recession
- recovery
- price index
- resource
- factors of production
Create a visual schematic of these terms, using either concept maps, notes, or flash cards. Enter your definitions of key terms, definitions, concepts and vocabulary into your notebook or computer file.
Activity 1 : : Activity 2 : : Activity 3 : : Activity 4
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by the Contributing Authors.
Cite/attribute Resource.
rbennett1. (2007, November 26). Module 9 - Fundamentals of Economic Thinking. Retrieved November 20, 2009, from Western Governors University Web site: http://ocw.wgu.edu/liberal-arts/iea4-and-iec4-econ-and-world-history-after-dec/a92.html.
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