Basic Economics
Micro
Macro
Globalization
Miscellaneous
100
Food, Shelter, and Transportation
What is needs?
100
The desire, ability, and willingness to buy a product
What is Demand
100
Entity that works to stabilize the economy.
What is the Federal Reserve Bank?
100
Country that has high skill jobs, high GDP, and a strong military
What is a Core country?
100
Government system where production is usually owned by the government.
What is command economy?
200
Fundamental problem of economics
What is Scarcity
200
An increase in price results in an increase in the quantity supplied.
What is Law of Supply?
200
Rise in the level of prices on goods and services
What is Inflation?
200
Has delegates from each country that come together to discuss and regulate trade and working conditions in different countries.
What is WTO (world trade organization)?
200
Type of business that would have limited liability.
What is Corporation?
300
Land, Labor, Capital, and Entrepreneurs
What is Factors of Production?
300
An excess supply of rice in a competitive market would mean...
What is The current price is more than the equilibrium or market clearing price (surplus)?
300
Adding everything the US owes is
What is National Debt?
300
Jobs are sent to another country
What is outsourcing?
300
the study of small units of economics that concerns behavior and decision making.
What is Microeconomics?
400
Most common form of business
What is sole proprietorship
400
Halloween is right around the corner, therefore the grocery store increases its supply of candy. They dedicate any entire aisle to candy sales.
What is Expectations?
400
When dealing with investments, as risk of losing money increases...
What is the rate of return is usually higher?
400
Agreement between Canada, U.S, and Mexico to make trade more efficient.
What is NAFTA?
400
The next best choice that you could've made.
What is Opportunity Cost?
500
Fundamental characteristic of a free market economy
What is Prices are determined by supply and demand?
500
People buy the same quantity regardless of price.
What is Inelastic Demand?
500
Comparing GDP between consecutive years is most useful in determining.....
What is economic growth?
500
Fluctuations of the economy over time
What is the business cycle?
500
Someone who cares about you and your future more than you know and has counted this year a privilege to meet and know so many wonderful young people.
What is Mrs. Morrison?
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