Chap 1
Chap 2
Chap 3
Chap 4
Chap 5
100
when there is less of a good freely available from nature than people would like
What is SCARCITY
100
Out of High School, LeBron James signed this contract as the #1 draft pick in the NBA. Years 1-3 = $13M total, optional year 4 = $5.8M. This value represents the opportunity cost for LeBron to pursue a 4 year college degree.
What is $18.8 M
100
On the typical economics graph, this curve slopes downward to the right
What is the demand curve
100
When the Government imposes these price constraints, we usually find a shortage of apartments and poor quality.
What are Rent Controls
100
This famous Economist was a champion of free market economies and was against central Government planning
Who is FA Hayek
200
The highest valued alternative that must be sacrificed as a result of choosing an option
What is Opportunity Cost
200
When individuals engage in this voluntary act, both parties are better off
What is Trade
200
On the typical economics curve this is the item plotted on the Y (or Left axis)
What is Price
200
This party typically pays the largest % of a tax increase when demand is inelastic
What is the consumer
200
This government typically performs this economic function to maintain a framework of security and order
What is the Protective Function
300
He wrote the book called "Wealth of Nations"
Who is Adam Smith
300
These are the rights to use, control, and benefit from a good or resource
What are Property Rights
300
On the typical economic graph, this curve slopes upward and to the right
What is the Supply Curve
300
On the typical economics graph, this type of demand curve is relatively flat.
What is elastic demand
300
These are failures in the market place to account for all benefits and costs
What are Externalities
400
This concept was first proposed by Adam Smith in the "Wealth of Nations"
What is the Invisible Hand
400
This curve has moved outwards from the origin due to several reasons including technology advancement
What is the Production Possibilities Curve
400
An increase in consumer income typically moves the demand curve in this direction
What is to the Right
400
This will happen to Price and Quantity in a market that lacks competition
What is increased Price and Reduced Quantity
400
The road in front of the MOCC is an example of this type of "good"
What are PUBLIC goods
500
George an almond farmer, is deciding whether or not to add additional water to his crops. If he adds 100 gallons per tree the value of the resulting harvest increases from $1,000 to $1,500 per tree. George should add the water is it costs less per gallon than this value.
What is $5.
500
Given freedom of movement for both goods and resources, if California specializes in growing Almonds and Indiana specializes in growing corn. Then it is reasonable to conclude that Indiana has this
What is a comparative advantage in growing corn
500
A war has broken out between two major copper producing countries this would be expected to happen to the supply and the price of copper.
What supply is supply decreasing and Price increasing
500
The Laffer Curve shows that in some cases reducing Tax Rates may actually do this to Government Revenues
What is Increase
500
The price per unit at equilibrium of this product. Total Demanded Total Paid 2,000 $10,000 Total Supplied Total Received 2,000 $10,000
What is $5
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