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Ropp Econ - 12.1.4 - 12.1.5 Vocab Economic behavior tracking
Basic Vocabulary for plotting and tracking economic behavior
10
Economics
12th Grade
02/10/2013

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Term
macroeconomics
Definition
the study of the behavior of the economy as a whole and how major economic sectors interact (government, household, and business sectors) includes GDP, inflation, unemployment, balance of trade
Term
oligopoly
Definition
a marketing situation in which a few large companies exert control market because it is the only one to provide that service or produce
Term
monopoly
Definition
a marketing situation in which large company controls a certain market because it is the only one to provide that service or product
Term
GNP--Gross National Product
Definition
or total value of all goods and services purchased by the final customers of those products
Term
economic system
Definition
the way in which a scocity makes decisions using its limited resources with there unlimited wants/needs
Term
production possibilities frontier
Definition
theoretical model used to show the impact of scarcity on an economy
Term
production possibilities curve
Definition
a grph used to illustrate the impact of scarcity on an economy
Term
PPC Shapes
Definition
a result of economic growth or change in technology, or change in number of resources
Term
PPC POINTS (inside, on, outside)
Definition
inside= "inefficient" (unemployment)/ outside= "unattainable" (more employment than available)/ on-"efficient" (total employment)
Term
PPC shifts (in and out)
Definition
economic growth, change  in numbers of resources
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