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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