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 place in Massachusetts where the Pilgrims landed when they sailed to America.
What is Plymouth Rock
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
What is labour
The unintended consequence of this is that different prices in a region tend to converge
What is arbitrage?
This is the year the first Thanksgiving was celebrated. (you must be within a decade)
What is 1621?
Came up with the analogy of the invisible hand to describe the directing of the amazing cooperation that arises in a free market economy
Who is Adam Smith
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 states that as demand for goods go up, so do prices
What is the law of demand?
In a communist country, they own the property, factories, farms and stores.
What is the government?
The economic system in which individuals/businesses decide what, how, and how much will be produced/sold
What is a market economy
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 brilliant business that didn't work out so well.
what is breeding and selling Bengal cats.