Basic Concepts
Who is Adam Smith?
An economy that is based on ritual or custom
What is a traditional economy?
Price and quantity demanded are inversely related
What is the law of demand?
Price and quantity supplied are positively related
What is the law of supply?
Mr. L owns this many dogs
What is 2?
The fundamental problem that economics seeks to answer
What is scarcity?
An economic system where a central authority makes all decisions
What is a command economy?
Used to graph a demand curve
What is a demand schedule?
Supply looks at this group(s) perspective
What are producers?
Mr. L's highest degree earned
What is a Master's Degree?
Because of scarcity every decision has a
What is opportunity cost?
An economic system where buyers and sellers make supply and demand decisions
What is a market economy?
5 factors of demand
What is MERIT?
What is TRICE?
Mr. L was born in this US state
What is Indiana?
Along with opportunity cost every decision has mutliple of these
What are trade-offs?
The United States economic-political system
What is Free Enterprise? or What is Capitalism?
Goods where price change causes a small change in quantity demanded
What is inelastic demand?
Change in quantity supplied
What is movement along the curve?
The college Mr. L attended
What is GCU?
What is sacrificed/gained?
Higher taxes for public services
What is a Mixed Economy?
Demand describes this economy
What is a market economy?
Change in supply
What is supply curve shift left or right?
Mr. L's favorite color
What is red?