Decisions
The study of the allocation of resources made by people, governments, and countries
Economics
Copyrights, patents, and deeds are examples of what market economic concept?
Private Property
This was set in 2007. While it's a federally mandated price floor, some cities across the US has increased it (like Seattle, which has it doubled), it is illegal for a county or city in North Carolina to raise it above the federal rate.
Minimum Wage
Governments can lower these as an incentive for businesses to act in certain ways.
Taxes
This is the preference someone has for buying products from a specific company, line, or label.
Brand Loyalty
Central planning, quotas, and directives are associated with this market structure.
Command Economy
This economic principle arises from the fundamental reality that resources are limited while human wants are virtually unlimited.
Scarcity
In market economics, the argument is that the presence of this provides consumers choice, lower prices, and higher quality products.
Competition
18th Amendment
Discounts and loyalty programs are incentives for them, people who buy goods and services.
Consumers
This is when individuals or groups refuse to patronize a certain business or provider; currently Target is a target of one because of their abandonment of DEI.
Boycott
Communism
The concept that forces individuals and societies to make choices about how to use their resources by measuring their decision by what the next best alternative is given up.
Opportuntiy Cost
Unemployment.
These grants and benefits are given by the government to reward or encourage producers to act on behalf of the government's direction.
Subsidies
Regulations
When you purchase something because you don't want to be on the outside and not experience something everyone else is.
FOMO (Fear of Missing Out)
This approach to economics is when government controls sectors or industries. A class system still exists, but their are intentional actions taken to combat inequality.
Socialism
On a micro level, this can be done by businesses to create more efficiency for specific tasks. It can also be done by countries because they have a advantage in the production process. Ex. Poultry, Sweet Potatoes, and Furniture in North Carolina
Specialization
French for "let it be," this phrase is used to describe an economic approach where the government does not get involved in the economy.
Laissez-Faire
Wealth Gap
This is a financial support to a business or individal by the government for a specific purpose; such as paying interest on student loans while the holder is still in school or when companies invest in renewable energy.
Subsidies
Buying an item in the moment without prior planning.
Impluse Buying
A minimum wage is usually most prevelant in which market structure?
Mixed Market
These are the 3 economic questions for producers.
What to produce? How to produce? For whom to produce?
He argued that in capitalism, the invisible hand would guide the market to the benefit of everyone.
Adam Smith
When government does this, they take away rules and restrictions from industries, in hopes that this will make them more productive.
Deregulation
The most important incentive for a producer in a market economy is to make this.
Profit
New technology, investment in human capital, and specialization all contribute to an increase in this; the rate at which resources are used efficiently.
Productivity
This theory is that when a good is public, people will overuse it and be less willing to take care of it.
Tragedy of the Commons
Idle resources are found where in relation to the production possibility frontier curve?
Inside
Capitalism is on full display as these cryptocurrencies have been issued by Donald Trump, Melania, the Hawk Tuah girl, and even Doge.
Meme Coins
These are laws that attempt to break up monopolies, the first of which was authored by John Sherman, the Secretary of Treasury under Rutherford B. Hayes.
Antitrust Laws
Marginal Benefit
Bartering, dependence on nature, and maintaining traditions and customs can be found in what economic system?
Traditional System
This term refers to the working class, who in order to acheive communism, must seize the means of production through a violent revolution.
Proletariat
President Trump reaffirmed that tomorrow he will impose 25% tariffs on these two countries; our largest trading partners.
Cananda and Mexico
What American-based company closed 850 locations in Russia after their invasion of Ukraine in 2022?
McDonald's
Which country, facing an aging population, has shifted its industry towards products like adult diapers and adjusted infrastructure to accommodate the elderly?
Japan
This company announced that they will finally start offering in-game incentives, no longer requiring forced logins for players on PC versions of their Playstation games.
Sony
In 2023, North Carolinians took advantage of tax breaks, saving more than $170 million dollars by installing these.
Solar Panels
Karl Marx