https://padlet.com/QRC/yh2ssudgjnohnku7 Exam Prep Jan 22 - Key Terms and Concepts en-us 2022-03-07 23:24:52 UTC 2022-03-09 00:58:41 UTC hello@padlet.com QRC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084852256 A model showing possible combinations of two goods that can be produced using current resources]]> 2022-03-08 21:05:40 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084852256 QRC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084853122 Model showing the cycle the economy goes through over time - includes growth, peak, recession and trough stages]]> 2022-03-08 21:06:28 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084853122 QRC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084853926 Shows how the five main sectors of the economy are interdependent through both real flows and money flows]]> 2022-03-08 21:07:02 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084853926 QRC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084854953 Shows the quantities of a good or service that will be produced at given prices]]> 2022-03-08 21:07:51 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084854953 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084959403 2022-03-08 22:52:28 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084959403 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084960340 2022-03-08 22:53:26 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084960340 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084960514 Monetary policy is the control of the quantity of money available in an economy and the channels by which new money is supplied]]> 2022-03-08 22:53:40 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084960514 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084961506 without a paid job but available to work ]]> 2022-03-08 22:54:55 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084961506 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084961666 2022-03-08 22:55:06 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084961666 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084962832 an increase in the amount of goods and services produced per head of the population over a period of time]]> 2022-03-08 22:56:35 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084962832 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084962838 a persistent increase in the general price level]]> 2022-03-08 22:56:36 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084962838 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084963066 2022-03-08 22:56:53 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084963066 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084963094 2022-03-08 22:56:56 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084963094 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084963319 not being in paid employment or self-employment but currently available for work during the reference period]]> 2022-03-08 22:57:10 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084963319 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084963322 2022-03-08 22:57:11 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084963322 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084963608 nominal - gdp at current market prices
real - inflated/deflated to measure at constant prices]]> 2022-03-08 22:57:29 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084963608 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084963623 - At any point some workers are in between jobs
- This may be voluntary/ involuntary - haven't chosen to be unemployed
e.g. Seasonal, bad weather, first job, inevitable ]]> 2022-03-08 22:57:30 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084963623 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084963687 2022-03-08 22:57:35 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084963687 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084963863 Capital resources
labour resources 
enterprise ]]> 2022-03-08 22:57:47 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084963863 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084963919 2022-03-08 22:57:51 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084963919 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084963982 2022-03-08 22:57:55 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084963982 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964083 2022-03-08 22:58:03 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964083 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964205 2022-03-08 22:58:13 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964205 QRC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964272 2022-03-08 22:58:19 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964272 QRC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964442 2022-03-08 22:58:30 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964442 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964461 things used to satisfy needs 
- natural
- capital
- enterprise 
- labour]]> 2022-03-08 22:58:31 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964461 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964505 2022-03-08 22:58:35 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964505 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964563 2022-03-08 22:58:39 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964563 QRC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964670 Human, Capital and Natural]]> 2022-03-08 22:58:47 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964670 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964714 the total market value of all final goods and services produced in the ecomony n a specific period]]> 2022-03-08 22:58:50 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964714 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964744 2022-03-08 22:58:52 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964744 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964748 Lowering interest rates

]]> 2022-03-08 22:58:52 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964748 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964772 2022-03-08 22:58:54 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964772 QRC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964841 2022-03-08 22:59:00 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964841 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964914 2022-03-08 22:59:06 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084964914 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084965133 elected efficiency - resources most wanted by society 
productive efficiency - using the least costly production techniques]]> 2022-03-08 22:59:24 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084965133 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084965281 2022-03-08 22:59:35 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084965281 QRC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084965289 2022-03-08 22:59:36 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084965289 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084965406 - Geographic location of labor - difference between where people live and where the job exists
- mismatch of skills - Trained in something that there are not many job available for
- People unwanted in the workplace
- causes serious economic problem if people are unemployed for a long period of time]]> 2022-03-08 22:59:44 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084965406 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084965774 consumer surplus and producer surplus

]]> 2022-03-08 23:00:11 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084965774 QRC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084965881 2022-03-08 23:00:18 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084965881 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084966149 2022-03-08 23:00:39 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084966149 QRC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084966372 2022-03-08 23:00:49 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084966372 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084966516 features
- acceptable 
-  legal tender
- relatively scarce 
- durable 
- recognisable 
- portable
- divisible

 ]]> 2022-03-08 23:00:58 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084966516 QRC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084966518 2022-03-08 23:00:58 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084966518 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084966847 - Main factor causing changes in supply is price]]> 2022-03-08 23:01:21 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084966847 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084966850 the exchange of goods and services between countries. ]]> 2022-03-08 23:01:22 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084966850 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084966852 - medium of exchange 
- unit of account 
- store of value ]]> 2022-03-08 23:01:22 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084966852 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084967065 household - higher standard of living 
government - higher taxation revenue
firm - higher revenue, higher sales 
financial - increased savings from households means more funds are available to lend]]> 2022-03-08 23:01:36 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084967065 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084967229 money supply]]> 2022-03-08 23:01:48 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084967229 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084967237 2022-03-08 23:01:48 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084967237 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084967373 2022-03-08 23:01:51 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084967373 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084967380 2022-03-08 23:01:52 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084967380 https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084967659 2022-03-08 23:02:14 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084967659 QRC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084970144 2022-03-08 23:05:22 UTC https://padlet.com/QRC/yh2ssudgjnohnku7/wish/2084970144