Economics
The fact that there are limited resources (with unlimited wants)
What is scarcity
The inefficiency in a market, caused by taxes, shortages, surpluses, etc.
What is deadweight loss
This is the value of the thing you could have produced but didn't when you spent time, resources and energy producing something.
What is opportunity cost?
The direct trading of goods and services between people without the use of money
What is barter
A kiosk sets 1000 cups of lemonade out to be sold at the fair but only 200 are bought. What is the economic term for the remaining 800?
What is a surplus?
Someone who buys goods and services
What is a consumer
Actions done for others in exchange for payment
What are services
A motivation to do (or not do) something
What is an incentive?
This is found by subtracting total explicit costs from total revenue
What is accounting profit
Along with clear property rights and a limited government whose powers and jurisdiction are outlined in a constitution, this important element must be present in order for liberty to be maintained.
What is personal responsibility of the citizens?
This is the study of the allocation of scarce resources which have alternative uses
What is economics?
According to Mr. Dwight Lee, in order to make sure the overseers also act within the rules, it is important to write down and ratify one of these.
What is a constitution
The effort people contribute to the production of goods and services; one of the factors of production
What is labour
Making your yard beautiful and richly landscaped and thereby increasing the value of the other houses on the block would be an example of a ______________________
What is a positive externality?
He wrote that government providing social services would lead to many negative economic, political and human problems.
Who was Paul Poirot?
The story of this item uncovers the seemingly miraculous cooperation of millions of people across many nations and social classes
What is a pencil?
When an item leaves a country it is called this.
What is an export?
Economic system in which the government or some central body makes the fundamental economic decisions of a society
What is a command economy
This is the difference between the amount of money you were willing to spend for an item and the amount of money you actually spent
What is consumer surplus?
This is an unintended cost imposed on others by the action of someone
What is an externality?
Nike running shoes probably have a ____________ elasticity of demand
What is high?
The machines, tools, factories and equipment which enable production to happen.
What is capital?
The decrease of the value of money over time compared to prices of goods; or the increase of prices of goods compared to the value of money over time.
What is inflation?
He wrote a book about the human need for a powerful and controlling government. He called the book, Leviathan.
Who was Thomas Hobbes?
This is Mr. White's favorite prop from Euclid
What is III.16?