Fundamentals
This term refers to the fact that most things on earth are limited and desirable.
Scarcity
This is how many firms operate in a Monopoly
1
As price goes up the quantity of goods brought to the market increases. This is the law of ...
Supply
Inflation
The sport Mr. Cornay played in High School
Lacrosse
The benefit of the next best choice one can make whenever making a decision is called...
Opportunity Cost
In a pure/perfect economic structure there are many sellers and all the products are...
The exact same
This is the point where supply meets demand. Where in a market economy it determines the price of goods
Equilibrium
This type of unemployment occurs when someone's skillset is no longer needed for a job. Also occurs when technology replaces labor.
Structural
Mr Cornay's Favorite Animal
Turtle
Mr. Cornay decides to become a mall santa during the holiday season. What factor of production does Mr. Cornay represent by working for the mall?
Labor
Which market structure has the strongest control on prices?
Monopoly
If 10 more hair salons open up in Carrollton what do you expect to happen to the cost of getting a haircut in town?
The price of a haircut will decrease because supply increased shifting to the right causing price to be lower.
The business cycle shows how economies GDP increases and decreases over time. What is called when an economy has decreasing GDP?
Contraction or Recession
Name a job Mr. Cornay worked before becoming a teacher
Planning events
Ticket taker
Lobbyist
This graph showcases the opportunity costs nations have to make when deciding what goods and services they should produce. If they produce on the line of this graph they are operating efficiently.
Production Possibilities Curve
Which market structure is similar to pure competition in that there are many sellers, but the products are differentiated or different.
Monopolistic competition
A price ceiling that is binding will create a...
Shortage
If the government decides to spend $100 billion more next year, what should you expect to happen to prices in an economy?
Increase
College Mr. Cornay attended for his undergraduate degree
GCSU
This term refers to when a person, business, or country focuses on becoming good at making or providing a specific good or service.
Specialization
Which market structure can lead to firms organizing and colluding to increase prices artificially?
Oligopoly
What market in the circular flow of the economy model would Mr. Cornay going to the store to buy some cereal be in?
Product Market
Sarah got a 3% raise but her purchasing power went down by 2%. What was the inflation rate for that year?
5%
Instrument Mr. Cornay played in high school
Trombone