Scarcity & Choices
What is the economic problem of limited resources and unlimited wants called?
Scarcity
What law states that as price increases, quantity demanded decreases?
Law of Demand
A business owned by one person is called what?
Sole Proprietorship
Give one example of a public good (something provided by the governmnent.)
Defence, police, roads, schools, libraries, parks
What major U.S. sporting event is known for its commercials and halftime show?
The Super Bowl
What must you give up when you make a choice?
Opportunity Cost
When supply increases, what usually happens to the price?
It decreases
Which market structure has only one seller?
Monopoly
Which type of tax takes a larger % from higher incomes?
Progressive Tax
What’s the NFL team located in Indiana? What’s the NFL team located in Indiana?
The Indianapolis Colts
Name the three types of productive resources.
Natural, Human, Capital
What happens at equilibrium price?
Quantity supplied = Quantity demanded
What business stucture is a legal entity that is separate and distinct from its owners (shareholders), giving them limited liablity protection.
Corporation
If we have a deficit (annual shortfall) what happens to our debt?
Debt increases
What’s the term for when a kicker scores through the goalposts?
Field Goal
What economic system relies on custom and tradition?
Traditional Economy
Name one factor that affects supply.
Cost of imputs, technology, # of sellers, policies
The concept of two or more firms (businesses) tries to get people to buy their goods or services over the others.
Competition
What is one example of a negative externality?
Pollution, traffic, noise
What’s the nickname for the last chance, long throw to win a game?
Hail Mary
"Buy One Get One Free" is an example of what?
Incentive
Name one factor that affects demand.
Income, preferences, substitutes, expectations.
What effect does competition have on prices and quality?
Lowers prices, improves quality
How can government reduce negative externalities?
Taxing or regulating them
What phrase describes when a team loses at the very last moment?
“A heartbreaker”