The study of economics is how we all deal with this issue.
What is Scarcity?
100
Economic system that relies on habit with roles defined by gender.
What is a Traditional Economy?
100
The government protects intellectual property and incentives for innovation by issuing the inventor exclusive rights to that product for a number of years.
What is a patent?
100
When the price goes up, demand goes.....
What is Down?
100
Day of the week assignments are due.
What is Tuesday following the week of instruction?
200
The factors of Production
What is Land, Labor and Capital?
200
Scottish economist who wrote the Wealth of Nations.
Who was Adam Smith?
200
Movement between periods of economic growth and decline.
What is a business cycle?
200
When the price goes up, you feel poorer and purchase fewer items when you feel this effect.
What is the Income Effect?
200
By getting an education, you're increasing this factor of production.
What is Human Capital?
300
Referring to the decision that governments make regarding military and services.
What is "Guns or Butter?"
300
Type of economic system where the government makes decisions regarding production and allocation.
What is Command, Centrally Planned or Communist economies?
300
Situation where a non-taxpayer benefits from a public good.
What is a Free Rider?
300
When your income increases, you purchase more of this type of goods.
What is Normal Goods?
300
The doctrine that governments should stay out of business affairs.
What is Laissez Faire?
400
The cost of adding one more unit.
What is Marginal Cost?
400
Centrally planned economies have been stuck with low levels of productivity especially in this industry which can create real havoc in society.
What is the Agricultural Industry?
400
Give example of a positive and negative externality of a bridge built in Capp County.
What is positive= new businesses open, new jobs
Negative= pollution, road- kill, etc.
400
When demand for a product is elastic, you will see this when the price increases.
What is a drop in demand?
400
Era in US history when the government began a greater role in the regulation of business.
What is the Progressive Era?
500
As productions shifts from making one item to another, more resources are used to increase production, hence we lead ourselves to the Law of______________.
What is Increasing Costs?
500
Nation on earth with the highest degree of central planning.
What is North Korea?
500
The government can claim your property but has to pay you a fair-market price under this law.
What is Eminent Domain?
500
When elasticity of demand is exactly equal to 1, that is described as this.
What is Unitary Elastic?
500
Social Security was created this president's administration.