Economic Pinciples
Define scarcity
What is having unlimited wants with limited resources (needs)
The people who supply and who demand products in the product market
What is the businesses supply and the buyers demand
The definition of a public good
What is a product that everyone can use/experience without exclusion
The people who supply and demand the labor in the labor market
What is the workers supply the labor and the businesses demand the labor
A pack of lions fight for all the land that the sun touches in a boxing duel
What is "The Lion Ring"
Define opportunity cost
What is the next best option you are giving up
Item X and item Y are substitutes. This is the effect of Item Y's demand when Item X goes up in price.
What is the demand for item Y will go up
Define positive and negative externalities
What is the positive and negative side effects/outcomes of a decision/choice
Definition of a sole proprietorship
What is a type of business that only has one owner
A society of monsters generate power for their city by writing with pens
What is "Monsters Ink"
Define the cost benefit principle
What is if B > C = making the choice / C > B ≠ making the choice
The 6 shifters of demand
What is Income, Number of buyers, Substitutes, Expectations, Compliments, and Tastes
The four market structures
What is perfect competition, monopolistic competition, oligopoly, monopoly
Definition of a partnership
What is a type of business that has two or more owners (agree on certain terms of ownership)
A man gets infected by gamma radiation and gets really sad
What is "The Sulk"
Define the marginal principle
What is people will make choice in small quantities (marginal increase with each choice)
The effect a supply curve for wooden desks will experience when more trees are being planted across the country
What is the supply curve will shift to the right duye to an increase in total input materials
The order in which the market structures have the least to most market power
What is perfect competition, monopolistic competition, oligopoly, monopoly
What is a type of business that is owned by individual stock/share holders
A fraudulent stockbroker makes his money by taking away people's wishes.
What is "The Wolf of Well Street"
Define the interdependence principle
What is the best choice is dependent on your circumstances and situations
The difference between "Demand/Supply" and "QUANTITY demanded/supplied"
What is quantity demanded/supplied applies to only a singular price where demand/supply applies to EVERY price for a product
The order in which the market structures have the most to least market power
What is monopoly, oligopoly, monopolistic competition, perfect competition
Definition of a franchise
What is a type of business that is owned by individual store owners and materials are provided by the franchise company (parent company)
A scarred orphan crafts his skills to make containers for plants and vegetation.
What is "Harry Pottery"