the amount of product a producer is willing to offer for sale is
What is Supply?
100
A rise in level of prices on goods and services
What is inflation?
100
Trade agreement between Cananda, the United States, and Mexico.
What is NAFTA?
100
Economist believed that the economy works best with little government intervention.
Who is Adam Smith?
200
scarcity
What is the fundamental problem of economics?
200
An increase in price results in an increase in quantity supplied. This is the law of
What is Supply?
200
Used to measure economic growth
What is GDP?
200
taxes on imports
What are tariffs?
200
Shows fluctuations in the economy over time
What is the business cycle?
300
the ________ of doing something is the next best alternative.
What is Opportunity Cost?
300
A local store noticed that when it increased the price of milk from $2.50 per gallon to $3.50 per gallon, it sold the same amount of milk per week. The demand is
What is inelastic?
300
The job of the _______ is to stabilize the economy
What is the Federal Reserve?
300
Group that regulates and negotiates trade regulations around the globe.
What is the WTO?
300
Economist whose ideas were used during the Great Depression. He believed the government had to spend money in order to help the economy.
Who is Keynes?
400
Economic system in which factors of production are most likely owned by the government.
What is Command system?
400
The most common form of business organization is
What is sole proprietorship?
400
Tax structure that taxes people with higher incomes at higher prices.
What is Progressive?
400
A sum of money given by the government to a business or industry so that the price of a commodity or service can remain low or competitive.
What is a subsidy?
400
Author of Das Kapital. His theories inspired the USSR.
Who is Karl Marx?
500
Idea that the government which governs least, governs best.
What is laissez-faire?
500
When the amount supplies equals the amount demanded the market has reached
What is equilibrium?
500
Betty works as a seamstress, she is currently unemployed due to new machinery in the clothing industry.
What is Structural Unemployment?
500
The ________ of the market place acts to allocate resources efficiently but does not necessarily ensure that resources are allocated fairly.