Exam #1 Specific Flashcards
1
Q
law of increasing opportunity cost
A
we must give up ever-increasing quantities of other goods and services in order to get more of a particular good.
2
Q
determinants of the market
A
tastes income other goods expectations number of buyers
3
Q
law of demand
A
the quantity of a good demanded in a given time period increases as its price falls
4
Q
determinants of market supply
A
technology factor cost other goods taxes and subsidies expectations number of sellers
5
Q
law of supply
A
larger quantities will be offered for sale at higher prices
6
Q
gross domestic product equation
A
C + G + I + [ X- M] = GDP Consumption Gov. spending Investment exports - imports
