Economics
Economics is the study of......
Scarcity
Name the Four Economic Systems
Market, Command, Traditional , Mixed
Name the Four Market Structures
Perfect Competition, Monopolistic Competition, Monopoly, Oligopoly
What does the Law of Demand state?
When prices are lower demand is higher and when prices are higher demand is lower
The city and State where the First McDonald's was opened......
San Bernandino, California
The Three Basic Economic questions every society must ask
What to produce, How to produce? For whom to produce?
What Economy is it that the government control EVERYTHING
Command
My market has many sellers & buyers and not control over prices who am I
Perfect Competition
What does the Law of Supply state?
Higher prices higher supply
What were the names of the two brothers than founded McDonalds
Richard & Maurice
Choosing one option and giving up another is.....
Trade-off
What country is almost totally controlled by the government
Cuba
I have many sellers and some price control
Monopolistic Competition
What type of graph is Demand?
Negative Slope
What was the name of the town in Oklahoma from the documentary
Tulsa
The four factors of production
Land, Labor, Capital & Entrepreneurship
What Economy relays on tradition, habits and rituals
Taditional
I am one seller and I have a high barrier to entry into the market because of government regulations
Monopoly
What is the point where supply and demand meet called?
Equilibrium
The community that black people built in Tulsa become known as......
Black Wall Street
The value of the next best alternative that is given up is.....
Opportunity Cost
I wrote the Wealth of Nations in 1776
Adam Smith
The Airline industry and Cell phone providers dominate this market
Oligopoly
What are the changes in Demand?
Consumer income, consumer Taste, substitution, complements, changes in expectations, Number of customers
When a government must decide to produce more or less military or consumer goods it is called......
Guns or Butter