Unit 1
When your alarm goes off, you have a choice between staying in bed and getting up. The option that you do not choose is called this.
What is the Opportunity Cost?
Plastic cards with electronic information that you can use to take money out against your checking account. Money is taken immediately from your checking account.
What is a Debit Card?
The idea that the supply of a good varies with the price of that good.
What is the Law of Supply?
Ownership in a publicly traded company.
What is Stock?
A type of unemployment where workers are between jobs for one reason or another, usually in the short-term.
What is Frictional Unemployment?
The region underneath the Production Possibilities Curve.
What is Underutilizing?
A form that is filled out every year beginning on October 1st and provides college students with opportunities for grants, scholarships, and federal student loans.
What is the FAFSA?
What is the Free Application for Federal Student Aid?
POINT - Price of other goods, Outlook, Income, Number of potential customers, Taste
What are the Factors that Impact Demand
Notes and coins that are backed by a government
What is a Fiat Money?
The means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy.
What is Fiscal Policy?
In country C the people do not get to choose their line of work. The government decides where they work, when they work, and how much money they receive.
What is a Command Economy?
If you have a lot of debt, and are not making enough money to cover the debt, you might consider filing for this.
What is Bankruptcy?
A market structure where many companies compete in an open market to sell products which are similar, but not identical.
What is Monopolistic Competition?
The process by which businesses or other organizations develop international influence or start operating on an international scale.
What is Globalization?
The macroeconomic policy laid down by the central bank (The Federal Reserve). It involves management of money supply and interest rate
What is Monetary Policy?
The knowledge and skills provided by workers to create a good or provide a service.
What is Human Capital?
The amount of money that has to be paid before insurance will kick in and cover the rest of the cost.
What is a Deductible?
The 1st U.S. law against monopolies.
What is the Sherman Antitrust Act?
A person or nation can produce more of something than another person or nation using the same amount of resources.
What is Absolute Advantage?
A person who is working at a job they are overqualified for is considered to be this.
What is Underemployed?
The idea that nothing is free and someone always pays.
What is "TINSTAAFL"?
What is "There Is No Such Thing As A Free Lunch"?
A type of credit that does NOT have a fixed number of payments, nor a stated payoff time, but does have a limit to the credit and minimum monthly payments.
What is Revolving Credit?
Supply graphs always point this direction because companies make more of a good when the selling price is high.
What is Upwards?
A competitive pricing strategy where a business matches the prices and services of the market leader.
What is Follow the Leader?
One of the causes of inflation, when people and businesses buy more than can be produced, pulling up the price to match the supply available to attempt to reach equilibrium.
What is Demand-Pull?