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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