A country or firm's ability to produce relatively more efficiently than another country or firm.
What is comparitive advantage?
100
Demand is this when a given change in price causes a proportional change in the quantity demanded.
What is unit elastic?
100
C+I+G+Xn
What is the formula for GDP?
100
The ability to produce more of a good or service than another nation can.
What is absolute advantage?
100
Stocks that represent ownership shares in a corporation.
What is an equity?
200
One company controlling all of the supply and production.
What is a monopoly?
200
Where consumers and privately owned businesses answer the three basic economic questions.
What is the free enterprise economy?
200
People who either have a job or are looking for one
What is the labor force?
200
Mexico, United States of America, Canada
What is the NAFTA?
200
The ability to obtain goodds/services now based on agreement to pay for them later.
What is credit?
300
This provides the greatest incentive for entrepreneurs to take risks.
What is a profit?
300
The price of insulin goes down. Prediction: Diabetics will use (more, the same amount, less)
What is the same amount?
300
Created to fix banking problems in 1913
What is the FED?
300
Protection of National Security, "Infant" industries and jobs.
What are reasons for trade barriers?
300
The amount of loss that you must pay yourself before the company will step in and pay the rest when you file a claim.
What is a deductible?
400
This shows what combination of two proudtcs is possible with a given amount of resources.
What is the production possibilities curve?
400
The sum of the skills, abilities, health, and motivation of people.
What is human capital?
400
Cost of today's market basket divided by cost of previous year's market basket multiplied by 100.
What is the formula for CPI?
400
Nations can produce goods based on best comparitive advantage.
What is specialization?
400
Pays for the personal injuries or property damage.
What is liability coverage?
500
The mental and physical efforts of human workers.
What is labor?
500
This is the measure of responsiveness that tells how a dependent variable (such as quantity) responds to a change in an independent variable (such as price).
What is demand elasticity?
500
Structural, seasonal, cyclical, and frictional.
What are the four kinds of unemployment?
500
Goods and services sold to other nations.
What are exports?
500
People with higher incomes pay a larger percent than people with lower incomes.