Economics Priciples
Supply and Demand
Business Organization and Market Structures
Labor
Government Policies
100
This is the study of scarcity, and the choices make
Economics
100
The law of demand states that as price rises
quantity demand decreases
100
A business that you start all by your lonesome
Sole proprietorship
100
An organization of workers that advocate for better wages and working conditions
Unions
100
What does our government spend most of its discretionary budget on
Defense
200
What are the three key economic questions?
What is to be produced?
How will it be produced?
For whom will it be produced?
200
law of supply states that as price increases
supply increases
200
When you start a business with a friend or other person(s)
Partnership
200
The term that refers to when robots/ technology take over jobs
Automation
200
this term refers to how our government spends its tax revenue
Fiscal policy
300
What is given up in order to gain access to something else is known as
Opportunity Cost
300
What is an example of a price floor
minimum wage
300
The market structure where there are only a few competing businesses
Oligopoly
300
How is someone defined as being unemployed
Not working, and are seeking work
300
This approach to govt spending focuses on government spending to stimulate the economy (great depression)
Keynesian Economics
400
Timber, air, and soil are all examples of what factor of production
Land
400
what will happen to the price and quantity of orange juice if is found to be beneficial to your health
Price increases, quantity increases
400
Unemployment is seen as being inaccurate. Why is this?
It is understated since people do not always report
400
What type of unemployment refers to when someone quits their job to seek a new one
Frictional
400
This President popularized trickle down economics
Ronald Reagan
500
Which point on the PPC represents efficient usage of resources
1
500
7. All of the following cause a rightward shift in the demand schedule for a normal good EXCEPT
(A) a decrease in the price of the good
(B) a decrease in the price of a complementary good
(C) an increase in the price of a substitute good
(D) an increase in consumers’ income
(E) an increase in consumers’ preference for the good
A
500
Who holds the CV 2 mile school record
max straneva
500
Which type of unemployment refers to when someone is laid off due to economic downturn
Cyclical unemployment
500
Who controls monetary policy in the US
Federal Reserve