Basic Economics
This man is responsible for the "Wealth of Nations"
Who is Adam Smith?
North Korea is known to have this type of economic system
What is a Command system?
"Olig" is the Greek pre-fix meaning
What is Few?
When the supply curve and demand curve meet this is called
What is equilibrium / market clearing?
This is the state that Mr. Rosales came from before Arizona
What is Washington State?
unlimited wants with limited resources is defined by this word
what is Scarcity
This economic system promotes competition and allows private citizens to own factors of production
What is Market economy / Capitalism
This market structure has no competition
What is monopoly?
When the quantity demanded is greater than the quantity supplied which causes
What is a shortage?
These are the names of Ms. Brodison's two dogs
What is mini-truck & Mac-truck
This factor of production is defined by the worker themselves, i.e. strawberry pickers
What is labor?
People freely and willingly engaging in market transactions describes this concept
What is Voluntary Exchange?
This type of monopoly is when it is more cost efficient to have only one firm instead of multiple firms
What is Natural Monopoly?
This is a financial support from the government to help out against market failures
What is a subsidy?
The answer to most questions in economics is
What is it depends?
Money that households receive in exchange for their work
What is income?
A sustained increase in living standards, GDP, and production for goods are all concepts that describe this social and economic goal
What is economic growth?
When firms conspire to agree on set prices this is called
What is Price fixing?
A change in price causes this to happen on the supply and demand graph
This popular saying when in the contexts of the stock market is
What is Buy low, sell high?
This term describes the money that businesses intend to use for its growth
What is Financial Capital?
A strength for a traditional economy is
What is... You know what your job will be / no major effect to and from global market / keeps traditions alive / only produce what you need
Chicken sandwiches are an example of
What is Product differentiation?
These are the factors that make up TENPIG
What is Technology, Expectations, Number of sellers, Productivity, Input Prices, Government
What is Vertical Integration?