Economic Theory
Who is "the father of capitalism"
Adam Smith
it also goes up
Name one determinant of demand
Expectations, incomes, substitutes, compliments, population shifts, trends.
If a company has complete control over the factors of production they have a...?
Monopoly
When is election day?
What book is Karl Marx Famous for authoring?
An extra 100 points if you know the other book
Communist Manifesto.
The Other book is Das Kapital
What is the law of supply?
As price goes up quantity supplied will also go up
What is the law of demand
As price goes up quantity demanded goes down
How are ethics different than morals
Who are both candidates on each ticket for the presidential race?
Bonus points if you know who a third party candidate is or was in this election
Trum/ Vance and Harris/Walz.
RFK, Cornell West, Jill Stein
This economic system promotes bartering and trading for goods. Very agrarian
If quantity supplied is greater than quantity demanded this means we are in a state of...?
surplus
If my income went up what would happen to the supply demand curve for great value brand shoes
demand would decrease with a shift left
Where specifically is equilibrium on a Supply demand graph?
Where quantity supplied equals quantity demanded
What country got hit with massive floods that killed over 200 people last week
Spain
What role did adam smith see the government playing in the economy or the well being of businesses. You need the french term
Laissez Faire or hands off. No government involvement.
If a shoe company is expecting sales of their new limited time premium crocs to be crazy so they increase the amount of workers to prepare.
Supply is increasing meaning it shifts to the right
If quantity demanded is greater than quantity supplied that means we are in a state of...?
Shortage
Why are price ceilings not effective above equilibrium
because if price can be at equilibrium it will be. So a ceiling above equilibrium will have no impact on changing the price.
What are the 4 factors of production
Land, Labor, Capital, Entrepreneurship
If a government gives money to a company in order for it to produce more this is also called a
Subsidy
What would happen to our supply demand curve for bread if deli meat went on sale?
Demand for bread would increase since it is a compliment to deli meat
Give an example of a price floor and why it would be effective
Min wage, effective because it forces prices to stay high helping producers to produce more of a product or for workers to get payed a livable wage.
Who attempted to establish communism in the newly established soviet union in the early 20th century