Economic Thinking/Decision making
Gains from Trade/Demand & Supply
Equilibrium/Structure & Market Failures
Banking & Business Organizations
Labor Market/ Government
100
He introduced an economic way of thinking
Who is Adam Smith
100
As prices increase, quantity demanded
What is decreases
100
When a single producer produces a unique product with no close substitutes
What is a monopoly
100
Brings together savers and borrowers
What is a bank
100
This agency protects the physical well being of workers
Who is OSHA
200
People's wants are unlimited therefore this is always present
What is scarcity
200
When people give something up to something they want more
What is voluntary exchange
200
Price of goods or services at which quantity supplied is equal to quantity demanded
What is the equilibrium price
200
This form of business organization is the most common
What is a sole proprietorship
200
It's goal is to increase the presence of minorities in the workforce.
What is affirmative action
300
These are the factors of production
What is land labor and capital
300
When someon can do something at a lower opportunity cost than someone else
What is comparative advantage
300
When many producers supply similar but varied products - closest to perfect competition
What is monopolistic competition
300
They determine what fraction of deposits a bank must set aside to be available for customer withdrawals
What is the Federal Reserve
300
The US Patent and Trademark Office protect this
What is Intellectual Property
400
Joe has eaten 2 tacos and is trying o decide whether to buy a 3rd. This is an example of what economic principle
What is thinking at the margin
400
The degree or amount to which the quantity demanded responds to changes in price
What is elasticity
400
A maximum price set by government to prevent prices from going to high (rent control laws)
What is a price ceiling
400
Venture capitalists invest in new businesses in exchange for
What is ownership shares
400
This economic principle determines wage rates in a labor market
What is supply and demand
500
Ocean waves are this type of resource
What is nonrenewable
500
With most goods or services, the more we already consume, the less satisfaction we will get from each additional unit.
What is the law of diminishing marginal utility
500
When increased production equals greater efficiency and cost savings. (ex. one provider of electric in subdivision)
What is economies of scale
500
The advantage of investing in a mutual fund over a single stock
What is diversification reduces risk
500
When the government taxes the wealthier members of society to provide services to the needy. (food stamps)
What is income redistribution
M
e
n
u