What are the desire for something and the ability to pay for it?
100
This is the cost of adding one more unit.
What is the marginal cost?
100
The government sets this threshold, below which you theoretically can't support yourself or your family financially.
What is poverty?
100
Since you want to better your living conditions, we say you are driven by this motive.
What is the profit motive?
200
Economics is the study of you having to make choices based on your unlimited wants and limited these.
What is resources?
200
This is the point at which quantity supplied equals quantity demanded.
What is equilibrium?
200
Having to pay a worker who is salaried is an example of this type of cost to a business.
What is a fixed cost?
200
When the government uses tax money to try to help people in need, we say they are receiving this.
What is welfare?
200
The minimum wage is an example of this; it's a price below which you can't legally sell or pay for something.
What is a price floor?
300
The United States is considered to have this type of economy.
What is mixed economy?
300
If you have this type of demand, you are very sensitive and responsive to price changes.
What is elastic demand?
300
This is the most common type of business organization.
What is a sole proprietorship?
300
You pay part of your income into this fund automatically and it is used to pay older Americans money to help them survive.
What is social security?
300
A bridge built by the government to benefit everybody is an example of this type of good.
What is a public good?
400
These are the three factors of production.
What are land, labor and capital?
400
When there is too much demand and not enough supply, this exists in the market.
What is a shortage?
400
Forming one of these would create a separate legal entity, owned by shareholders.
What is a corporation?
400
This is what we call someone who benefits from public goods without paying for them; there is no real solution to the problem.
What is a free rider?
400
This is a latin phrase, meaning "all other things held constant."
What is ceteris paribus?
500
This is the idea that nothing is unlimited; it hangs over everything in economics.
What is scarcity?
500
The laws of supply and demand are suppressed when the government owns all the means of production. That government would be considered this type of gov't...
What is a communist government?
500
These are people who find new ways to offer products and services for people to consume.
What are entrepreneurs?
500
This is a cash transfer from the government that does not have to be paid back; typically awarded for education or public projects.
What is a grant?
500
What is the world's largest non-profit organization?