Unit 1
Unit 2
Unit 3
Unit 4
Unit 5
100
Profit Motive
What is the desire for financial gain as an incentive in economics.
100
Surplus
What is an amount of something left over when requirement have been met.
100
Consumer price index
What is the variation in prices paid by typical consumers for retail goods and other items?
100
Absolute advantage
What is the ability of a group to produce more than another group
200
Scarcity
What is the state of being scarce or in short supply
200
Microeconomics
What is the part of the economy concerned with single factors and the effects of individual decisions .
200
Profit incentive
What is the motivation of businesses to maximize their profits?
200
National debt
What is the total amount of money that a country's government has borrowed?
200
Trade surplus
What is exporting more than you import
300
Soecialization of Labor
What is a powerful force in an economy benefiting small and large businesses alike.
300
Equilibrium
What is a state in which opposing forces or influences are balanced
300
Limited liability
What is when claimants are suing the company not the owners?
300
Discount rate
What is the minimal interest rate set by federal reserves for lending to other banks?
300
Foreign exchange rate
What is the difference between two different currencies
400
The three basics questions of Economics
What is produced, how, and for whom.
400
Law of Supply/Law of Demand
What is the state that the quantity of a good supplied/ quantity of a good demanded falls as the price rises.
400
Pure competition
What is a market that has a broad range of competitors who are selling the same product?
400
How do you know you're in a recession?
What is a decline in real GDP for two consecutive quarters?
400
Subsidy
What is a sum of money granted by the government
500
Factor of Production
What is the economic term that describes the inputs that are used in production of goods or services in order to make an economic profit.
500
Product Market
What is the marketplace in which final goods or services are offered for purchase by consumers.
500
What are four types of unemployment?
What is structural, frictional, cyclical, and seasonal
500
What are three international groups that trade freely?
What is NAFTA, EU, and ASEAN
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