Economics
Foundations of
How prices are determined
Competition
100
The study of how to increase resources and to create the conditions that will make better use of those resources.
What is resource development.
100
An economic system in which all or most of the factors of production and distribution are privately owned and operated for profit.
What is capitalism.
100
Quantities of products manufacturers or owners are willing to sell at different prices at a specific price.
What is supply.
100
The degree of competition in which there are many sellers in a market and none is large enough to dictate the price of a product.
What is perfect competition.
200
The study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals.
What is economics.
200
One of the four basic rights of capitalism: Most fundamental right and involves individuals buying, selling, and using land. machinery, building, inventions, etc. Also, they can pass property on to their children.
What is the right to own private property.
200
Quantity of products that people are willing to buy at different prices at a specific time.
What is demand.
200
The degree of competition in which a large number of sellers produce very similar products that buyers nevertheless perceive as different.
What is monopolistic competition.
300
The part of economics study that looks at the behavior of people and organizations in particular markets.
What is microeconomics.
300
One of the foundations of capitalism: Business earn revenues and profits. These profits act as important incentives for business owners.
What is the right to own a business and keep all that business's profits.
300
The point where the supply and demand curves cross, and the quantity demanded equals the quantity supplied.
What is the equilibrium point.
300
The degree of competition in which only one seller controls the total supply of a product or service, and sets the price.
What is a monopoly.
400
The part of economics study that looks at the operation of a nation's economy as a whole.
What is macroeconomics.
400
One of the foundations of capitalism: Within certain guidelines established by the government, individuals are free to compete with other individuals or businesses in selling and promoting goods and services.
What is the right to freedom of competition.
400
When there is too much of a product. A signal is sent to sellers to LOWER the price
What is a surplus.
400
The degree of competition in which just a few sellers dominate a market
What is an oligopoly.
500
Scottish economist the textbook refers to as the "Father of Economics." Author of Inquiry into the Nature and Causes of the Wealth of Nations.
Who is Adam Smith.
500
One of the foundations of capitalism: People are free to choose where they want to work and what career they want to follow. Other choices people are free to make include where to live and what to buy or sell.
What is the right to freedom of choice.
500
When there is not enough of a product. A signal is sent to sellers to INCREASE the price.
What is a shortage.
500
The degree of competition that is prohibited by US Law unless approved in certain industries.
What is a monopoly.
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