What is Economics
How nations make decisions with scarce resources
Economics
the total amount of new/final goods and services produced by a nation in a given year
GDP
An economic system based on private ownership and free markets. (Two answers)
Capitalism/Market
Demand moves which direction
Down
Ozzy Osbourn was the lead singer of this band
Black Sabbath
Things you can live without
Wants
GDP is increasing
Expansion
An economic system where the government controls all resources and production. Wants a classless society. (Two answers)
Communism/Command
Up
The only US state to end in three consecutive vowels.
Hawaii
This factor of production involves tools and machinery
Capital
business activity begins to slow or contract
Contraction
The cons to capitalism
Inequality and Exploitation
If Demand increases which direction does the curve shift
Right
The fifth book in Suzanne Collins hit book series The Hunger Games. Also Coming to theaters in November.
Sunrise on the Reaping
This curve/graph represents the maximum combinations a nation can produce
Production Possibilities Curve
Lowest point in the economic cycle
Trough
Balance equality with freedom
Socialism
The point where supply and demand meet and achieve balance
Equilibrium
When LeBron James made "the decision" to take his talents to this team in 2010
Miami Heat
the alternative you face if you decide to do one thing rather than another.
Trade Off
an extended recession; very rare
Depression
Higher taxes and can discourage high earners
the amount by which the quantity supplied is higher than the quantity demanded.
Surplus
The guitarist responsible for the solo on Michael Jacksons hit song Beat It
Eddie Van Halen