Mo' Money Mo' Problems
Your friend, a house painter, wants a digital camera, and he is considering trading his painting services in exchange for one. Why might he want to carefully consider this decision?
This is one of the many disadvantages to a barter system economy
What is inefficient exchange of goods, or unavailable goods.
Technology affects the economy in this way
What is Positively, increases efficiency/productivity, or increases overall growth?
Firms can sell either goods or.....this....?
What are services?
This type of limited competition means a small number firms can set their own prices because they control a majority of the market.
What is an Oligopoly?
The most you can charge for a good or service, usually the limit is set by the government (a good example is rent)
What is a Price Ceiling?
Use of the Euro is controversial...on one hand it can depreciate and affect the economy of many nations...but this is an advantage of using the Euro across Europe.
What is Ease of Use, Ease of Exchange, or Benefits Trade?
Prices for Airpods are on the rise, it indicates this to Apple.
(Must supply both answers)
What is a high demand & opportunity for profit?
Define a "durable" good
What is a good that lasts longer than 3 years?
The main goal of the Sherman Antitrust Act was to do this...
What is increase or promote competition?
Describe the Income Effect.
Investors and stockbrokers experiencing rapid and large increases in the value of stock should keep this rule of thumb in mind...
I make wooden furniture....if the price of my raw materials (wood) rises, you can expect this of my supply
What is a decrease or fall?
These 2 groups are responsible for moving goods through the Circular Flow Model
What are consumers & producers?
What are workers & firms?
“When you raise the price of employment, guess what happens? You get less of it.”
In this case, minimum wage would affect demand for workers in this way
What is negatively?
The amount a person is taxed goes up when they make a small amount of money, or the tax takes a larger proportion from less wealthy individuals.
What is a Regressive Tax?
What is Economic Strength?
This country is known as one of the top exporting nations in the world...
What is China?
List 2 inferior goods
What is/are used cars, canned goods, thrifted clothes, generic/store brand food?
Limited paperwork and ease of establishment are two factors that attract business owners to this business structure
What is/are Sole Proprietorship/s?
In the neighborhood of Maximo Jerez, located in Managua, Nicaragua, citizens only have water from 2 a.m. to 7 p.m. After Hurricane Sandy, much of the Northeast region of the United States was left without electricity.
These two scenarios both display the economic principle of this...
What is Scarcity
This type of money uses a good or object that is valuable separate from the item (like a gold coin or block of salt)
What is Commodity Money
Please list the possible points on a PPC graph
What is "Efficient", "Unattainable/Impossible" & "Underutilization"?
A type of good that is provided, by taxes, for the general defense and wellbeing of society
What are Public Goods?
This is a disadvantage of partnerships
Retirement benefits like Social Security payments are budgeted as this...
What is Mandatory Spending?