Supply & Demand
The availability of a good or service.
What is Supply
Trying to find the lowest price is known as what?
What is Comparison Shopping
The value of all finished goods and services produced by a country within a year is known as what?
What is the GDP (Gross Domestic Product)
When a country's currency looses its value compared to another country.
What is Depreciation.
According to Mr. V, what is the golden rule of economics?
What is Money Comes In, Money Goes Out
True or False? The law of demand states that when the price of an item goes up, the supply of that item will also go up.
What is False
Making unplanned purchases is also known as ______________?
What is Impulse Buying
True or False: The labor force consists of people who are 15 and older and are willing and able to work, are not incarcerated, in the military or retired.
What is False
What year did President Nixon take the United States off the Gold Standard?
What is 1971
The term "laissez-fair" or "hands-off" was coined by this famous economist.
Who is Adam Smith
When the demand is greater than the supply. This is known as a ____________.
What is a Shortage
Government involvement =
What is Higher Prices
Which are the three main economic indicators?
What is GDP, Unemployment and Inflation
According to our good friend SID, what does an appreciation of currency create?
What is a Trade Deficit
An economic system where a few large businesses produce similar products is known as ?
What is an Oligopoly
The point where demand for a product equals the quantity supplied.
What is Equilibrium
This freedom is given to consumers based on the competition among businesses.
What is Choice
What type of unemployment causes changes in the labor force that make some skills obsolete?
What is Structural Unemployment
The price of one country's currency in terms of another is known as ___________.
What is The Exchange Rate
___________ are used to change economic behavior.
What are Incentives
The loss of potential gain from other alternatives when one alternative is chosen is known as ___________________.
What is Opportunity Cost
The right to get paid for damages if a product you buy is faulty is know as what?
What is A Consumers Right To Redress
What marks the end of a contractionary/recession phase?
A system whereby currency exchange rates are determined by the forces of supply and demand.
What is a Flexible Exchange Rate System
A negotiation of wages and other conditions of employment by an organized body of employees is known as ____________________.
What is Collective Bargaining