Econ Basics
Macroeconomics
Supply & Demand
Land Values
Elasticity
100
The science that deals with the production, distribution, and consumption of wealth.
What is economics
100
measures the value of all the final goods and services produced within a country’s borders.
What is Gross Domestic Product
100
states that as the market price of a good or service increases, the quantity supplied in the market will also increase
What is the Law of Supply
100
as square footage on a property increases, land values ______________.
What is increase
100
Luxury goods and services are often considered this
What is elastic
200
land, labor, capital, and management
What are Resources
200
measures the value of all goods and services produced by nationals of the country in question, whether they live in the country or other countries.
What is Gross National Product
200
the relationship between market price and the amount of goods and services produced in the economy.
What is supply
200
if 1 acre has 2,657 sq ft and costs $215,000 with the average price being $75 per sq foot. How much is the land worth?
What is $15,725
200
Basic food goods are often considered
What is inelastic
300
considers the interactions of individuals and firms in a single market, understanding that there exists scarcity and government regulation.
What is microeconomics
300
measure of the percent of the population actively seeking work, not currently working.
What is the unemployment rate
300
A factor that effects the supply curve
What is number of sellers, technology, input prices, producer expectations, or comparable product prices
300
If agricultural land is $15,975 per acre. How much would a 75 acre field be worth?
What is $1,198,125
300
the formula for calculating elasticity
What is (QN-QO/QO)/ (PN-PO/PO)
400
focuses on understanding what causes a national economy of many markets to grow or shrink together.
What is macroeconomics
400
a general and gradual rise in the prices of goods and services
What is inflation
400
occur when the government sets a minimum price for a good or service.
What is a price floor
400
A 40 acre farm is worth $11,600 per acre. A developer offers $250,000. Should it be sold to the developer?
What is NO.
400
elasticity greater than 1
What is elastic
500
the physical energy supplied by humans.
What is labor.
500
money that exists because an authority states that it can be used to settle public and private debts.
What is fiat currency
500
the relationship between market price and the amount of goods and services purchased in the economy
What is demand
500
if 1 acre has 3,785 sq ft and costs $345,000 with the average price being $89 per sq foot. How much is the land worth?
What is $8,135
500
elasticity between 0-1.0
What is inelastic
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