Chapter 1 and 2
Boss Hogg was going car shopping. He decided to buy another 1970 Cadillac Deville convertible. However, he was also looking at a Ford Mustang, a Toyota Corolla, and a Dodge Charger. The Dodge Charger was his second choice. This is known as his ____________.
What is opportunity cost?
This is the point where supply and demand meet on a graph.
What is equilibrium?
So I'm just sittin' out here watching airplanes
Take off and fly
Tryna figure out which one you might be on
What is watching airplanes?
The term that consumers have to decide to consume now or in the future.
What is intertemporal decision making?
This is the term associated with someone that has a PHD but is working as a janitor.
What is underemployed?
This is the fundamental problem of economics. Every experiences it even Jeff Bezos.
What is scarcity?
The law of demands states that when price increases, consumer want to purchase ________.
What is less?
Something's getting in the way
Something's just about to break
What is Diary of Jane?
This is the annual rate of credit cards per year.
What is 15%.
This term is associated with employees that do the bare minimum at their job instead of going above and beyond.
What is quiet quitting.
This term is associated with one more product?
The minimum wage would be considered this.
What is a price floor?
It's the same old theme, since 1916
In your head, in your head, they're are fightin'
With their tanks and their bombs and their bombs and their guns
In your head, in your head, they are dyin
What is Zombie?
This is the term for the government that puts a limit on interest rates.
What are usury laws?
You have graduated college and are looking for a job. This is considered what type of unemployment.
What is frictional unemployment?
A new movie: Joker: Folie a Deux just came out in the movie theater in 2024. You went to the movie and was bored of it three minutes in. If you decide to leave the movie this would be considered what type of cost.
What is a sunk cost?
Excess supply is known as a ____________.
What is a surplus?
The doctor said, "we've run out of options
But we can stop the pain and help you sleep
The ol man laughed, and slowly put his shirt on
Said, "Don, dyin' here with you don't comfort me."
What is That's How I Wanna Go out?
This is the formula for calculating elasticity.
What is delta q over delta P?
This type of inflation is caused by consumers want growing faster than the productions capacity.
What is demand pull inflation?
This model represents that a free market can work without a government. It was created by Frank Knight in 1954.
What is the circular flow model?
This is the area known that is lost due to price floors and price ceilings.
What is dead weight loss?
Left a good job down in the city
Workin' for the man every night and day
And I never lost one minute of sleepin'
I was worryin' bout the way that things might've been
What is Proud Mary?
This would be how zero elasticity looks on a graph.
What is a vertical line?
This is the term when they look at items people frequently buy to look at inflation rate.
What is basket of goods and services?