[0:00]Welcome to Economics lesson 12. Consumer Economics Review. Our lesson objectives are explain the meaning of relevant economic terms, compare and contrast microeconomics and macroeconomics, describe in detail the economic cycle.
[0:23]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.
[1:17]Compare and contrast macroeconomics and microeconomics. Give specific details and examples. Describe the economic cycle. Give specific details and examples. What next? Take the time to go back and review the lesson on your own. After your review, complete the lesson review for the lesson and submit for grading. Remember, your submissions should follow all the rules for standard written English. All submissions must be written in your own words and sources used cited at the end. How to cite sources in APA format. When you reference a source within an APA style paper, whether it is using a direct quote, repurposing an image, or simply referring to an idea or theory, you should insert an in-text citation, the author's surname and the date of publication within parentheses, straight after a direct quote. citation machine.net will assist you in creating citations.
