There's No Such Thing as a Free Lunch
This is the condition of having limited resources to fulfill unlimited wants.
What is scarcity?
This economic system is fast disappearing in our world, as it is based on close ties and little technology.
Streetlights, playgrounds, and drinking fountains are these types of goods.
What are public goods?
You must have this to be part of demand.
What is desire and ability to buy a product?
The law of supply states that when prices go up, quantity goes this direction.
What is also goes up?
In order to gain something, you must give up something else. What you give up is called this.
What is an opportunity cost?
Karl Marx advocated this type of economic system.
What is a command economy?
Pollution is an example of this since it costs society something that is not included in its price.
What is a negative externality?
Price and quantity have this type of relationship in demand.
What is an inverse relationship?
The government can lower supply by doing this.
What is raising taxes on an item?
These are the four factors of production.
What are land, labor, capital, and entrepreneurship?
In capitalism, the factors of production are owned by these.
What are private individuals or companies?
Hopefully you have taken advantage of this popular type of healthcare that has a positive externality.
What are vaccines?
Hamburgers and hamburger buns are these types of goods.
What are complementary goods?
If the cost of wood increases, then the price of new construction also increases due to this change in supply.
What are cost of resources?
This measures the amount of output based on the amount of labor and resources you input.
What is productivity?
Most developed countries have this economic system that is neither command nor market.
What is a mixed economy?
This type of person benefits from a service without paying for it.
What is a free rider?
The price of pistachios has increased because of Dubai chocolate, indicating this type of change in demand.
What is consumer taste?
A price ceiling will usually result in this.
What is a shortage?
This type of curve assumes you have fixed resources that are fully employed making only two items.
What is a production possibility curve?
What are increased productivity and voluntary exchanges? What are pollution and inequality?
This is an example of a nationalized business in the US. Choo Choo.
This type of good has an increase in demand when the economy does poorly.
What is an inferior good?
A decrease in supply leads to these changes in price and quantity.
What is a higher price and a lower quantity?