Fundamentals of Economics
This is the definition of a good.
What are physical items?
The 3 types of economic systems.
What are traditional, command, and mixed/market?
This is the law of demand.
When prices increases the quantity demanded decreases and the inverse.
This is an example of a sole-proprietorship.
A plumbing business run by one person.
This is the bubble that burst and led to the crisis.
What is the housing bubble?
This is the definition of a service.
What is an activity provided by other people?
This is what makes a traditional economy traditional.
What is the types of industries they are involved in?
This is the law of supply.
When prices increase, the quantity supplied increases.
This is what a company must become to be able to sell stock.
What is a corporation?
This was the first large financial institution that faced severe problems during the crisis.
What is Bear Stearns?
Scarcity affects these two key economic concepts.
What are supply and demand?
This is an example of a traditional economy.
What are the Amish?
This schedule is made up of the data from multiple companies in a given industry.
This is one of the most widely followed stock market indexes that comprises of 30 of the top companies.
What is the Dow Jones Industrial Average?
These are the two systems that investment banks used to generate profits during the Housing Bubble.
What are mortgage backed securities and credit default swaps?
Human capital is defined as this.
What is the ability to have human workers to complete tasks?
These are the two types of economies that combine to create a mixed economy.
What are market and command economies?
This is what the equilibrium price means from the perspective of the consumers and producers.
What are general costs, research and development, production costs, and advertising.
This is the term for when the Federal Reserve and the United States Treasury gave failing financial institutions capital.
What is cash injection or bailout?
The acreage of an apple orchard would represent this concept.
What is land?
These are an incentive and a disadvantage to a mixed economy.
Profit and a lack of stability.
This is an example of a service with inelastic supply.
What is a medical checkup?
It is true that a company directly gets money every single time a stock is bought.
What is false?
This factor is what stabilized global markets and helped to end the crisis.