Macroeconomics

* The unemployment rate is the most commonly publicized indicator of the country's economic condition. We begin with the civilian noninstitutional adult population in the United States, which includes all people 16 and older, except those in jail, mental institutions, or nursing homes.
* The term ci

Chapter 21 - Unemployment and Inflation

Environmental Science

# **Geologic Time Scale**

* Earth’s past eras have been separated by major events:
  * Key Principles of the geologic time scale:
    * Strata \*\*(\*\*Rock layers) are laid down in succession representing a slice of time.
    * Principle of Superposition: Any given layer is older than the layers a

Chapter 1 - The Earth  (copy)

* Economics is all about making decisions, and you make economic decisions on a daily basis, such as whether to work part-time or focus on your education. Taking an accounting or history course, bringing and choosing a simple snack over another, would lead to the issue of demands being essentially l

Chapter 1 - The Art and Science of Economic Analysis

# **The Carbon Cycle**

* Carbon
  * Fundamental element of life.
  * Carbon is found in CO2, which makes up 1% of the atmosphere.
* Plant Matter
  * A portion of atmospheric carbon is removed through photosynthesis in which carbon gets incorporated into plant structures and compounds.
* Terrestrial

Chapter 5 - Natural Biogeochemical Cycles

* As a resource supplier, you have a labor supply curve for each of your labor's numerous possible applications. In some marketplaces, your quantity delivered over the reasonable wage range is zero. The qualification "above the realistic range" is included because, with a sufficiently large value, Y

Chapter 12 - Labor Markets and Labor Unions

# **7.1 Consumer Surplus**

**Willingness to Pay:**

* Welfare economics- the study of how the allocation of resources affects the economic well-being
* Willingness to pay- the maximum amount that a buyer will pay for a good
* Consumer surplus- the amount a buyer is willing to pay for a good minus t

Chapter 7 - Consumers, Producers, and the Efficiency of Markets

# **19.1: Supply and Demand for Loanable Funds and for Foreign-Currency Exchange**

**The Market for Loanable Funds:**

* At the equilibrium interest rate, the amount that people want to save exactly balances the desired quantities of domestic investment and net capital outflow.

 ![Loanable Funds](

Chapter 19 - A Macroeconomic Theory of the Open Economy

# **1.1 How People Make Decisions**

* **People Face Trade-Offs**
* In order to get one thing we like, we usually have to give up another thing we like in return
* EFFICIENCY V.S. EQUALITY (Societal Trade-Offs)
  * Efficiency- the property of society getting the most it can from its scarce resources

Chapter 1 - Ten Principles of Economics

# **15.1: Identifying Unemployment**

**How is Unemployment Measured?**

* It is monitored by the Bureau of Labor Statistics (BLS), apart of the Department of Labor
* Survey responses of each adult (age 16+)
  * Employed- s those who worked as paid employees, worked in their own business, or worked 

Chapter 15 - Unemployment

* In a market economy, income is largely determined by earnings, which are determined by the productivity of one's resources. The issue with distributing revenue based on productivity is that some individuals have limited resources to sell. People with mental or physical impairments, inadequate educ

Chapter 18 - Income Distribution and Poverty

# **16.1: The Meaning of Money**

* Money- the set of assets in an economy that people regularly use to buy goods and services from other people

**The Function of Money:**

* Medium of exchange- an item that buyers give to sellers when they want to purchase goods and services
* Unit of discount- th

Chapter 16 - The Monetary System

# **10.1 The Economy’s Income and Expenditure**

* A person’s income determines whether they can afford higher standards of living
  * Better housing
  * Better healthcare
  * Fancier cars
  * More opulent vacations
* Gross domestic product (GDP)- the market value of all final goods and services pro

Chapter 10 - Measuring a Nation's Income

Chapter 21 - Unemployment and Inflation (copy)

# **5.1 The Elasticity of Demand**

* Elasticity- a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants
* Price elasticity of demand- a measure of how much the quantity demanded of a good responds to a change in the price of that good, compu

Chapter 5 - Elasticity and its Application

* The utility is a very subjective concept. The utility you get from a specific item, service, or activity is determined by your consuming tastes and preferences. Some things are quite enticing to you, while others are not. You might not comprehend why someone would pay big money for shark fin soup,

Chapter 6 - Consumer Choice and Demand

* A resource is renewable if it can be utilized eternally when handled responsibly. As a result, if trees are removed at a sustainable pace and seedlings are planted in their place, wood is a renewable resource. To the degree that they can absorb and neutralize a certain amount of contaminants, the 

Chapter 17 - Externalities and Environment

* Many people believed that the stock of precious metals a nation accumulated in the public treasury was the finest indicator of economic prosperity throughout the 17th and 18th centuries when mercantilism was the prevailing economic strategy.
* Mercantilism resulted in trade restrictions, which had

Chapter 20 - Tracking the U.S. Economy 

* When it comes to demand, we believe that customers want to maximize utility, which is what drives their behavior. When it comes to supply, we believe that producers are trying to maximize profit, and this aim drives their behavior. Firms attempt to make a profit by repurposing resources into marke

Chapter 7 - Production and Cost in the Firm

* Does market structure capture the essential characteristics of a market, such as the number of providers (are there many or few? ), the degree of uniformity of products (do businesses in the market sell identical items, or are their variances across enterprises?), the comfort of access and exit fr

Chapter 8 - Perfect Competition

# **6.1 Control on Prices**

**How Price Ceilings Affect Market Outcomes:**

* Price ceiling- a legal maximum on the price at which a good can be sold
* Price floor- a legal minimum on the price at which a good can be sold
* Buyers of any goods always want a lower price while sellers want a higher p