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
What determinant impacted the change in demand when Coca-Cola brought back their original formula after widespread anger over New Coke?
Consumer Tastes
The main benefit of a corporation or LLC is this, where the investor and owner's private assets are not at risk if the company fails.
Limited Liability
This is the lowest stage of the business cycle.
Trough
This usually happens during a contraction, when the general prices of goods and services decline.
Deflation
The process by which jobs are sent overseas usually for cheaper cost
Outsourcing
A nation's total yearly output of goods and services; the best indicator for a country's economic health.
Gross Domestic Product (GDP)
This economic principle arises from the fundamental reality that resources are limited while human wants are virtually unlimited.
Scarcity
Central planning, quotas, and directives are associated with this market structure.
Command Economy
If the price of mobile phones increase and the demand for game apps decrease; it is because the apps are this.
Complementary Goods
In this market structure, there are many varieties of a similar product with differentiated prices based on input costs, branding, and demand.
Monopolistic Competition
When one individual runs a business.
Sole Proprietorship
This part of a business cycle is caused by a falling demand, which decreases supply, and slows down economic production.
Contraction
What occurred in Germany and Hungary where prices rose extremely high and fast, devastating the economy.
Hyperinflation
This type of unemployment occurs because of the usual economic upturns and downturns; which causes a decrease in demand, which causes workers to be laid off.
Cyclical Employment
The Gross National Happiness Index was created in 1972 by the King of this Asian country.
Bhutan
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 Cos
Communism
In 2023, the Inflation Reduction Act capped monthly insulin prescriptions at $35 per month. What type of control is this?
Price Ceiling
In this market structure, firms can collude and have a huge influence over setting prices.
Oligopoly
What type of business where you own the store, but not the rights to the name, trademarks, food, or other items that are licensed to you?
Franchise
A significant decline in economic activity that lasts for a certain amount of time (some measure 2 quarters, or 6 months). There was a big one in 2008.
Recession
A period of rising inflation, a slowdown in productivity, and high unemployment is known as what?
Stagflation
Nominal GDP can be seen as deceptive because it hasn't been adjusted for this.
Inflation
This sector or industry is filled with tertiary jobs, and a sign that a country is highly developed.
Service
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
A minimum wage is usually most prevelant in which market structure?
Mixed Market
The optional production output to maximize profits is when what two factors are equal?
Marginal Cost = Marginal Demand
In a perfect competitive market, goods are what?
Identical
To raise funds, a corporation will sell shares of their business to investors; what are these shares called?
Stocks
This period of the business cycle is where demand and productivity increase.
Expansion (Prosperity or Recovery)
This index studies the prices of a market basket of goods in order to measure inflation.
Consumer Price Index (CPI)
How do you measure net exports?
$ Exports - $ Imports
Periphery
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 everytone.
Adam Smith
What determinant affected the supply when OPEC implemented an embargo on the United States?
Number of Sellers
A producer usually has the greatest influence on price in what market structure?
Monopoly
When Exxon Corporation joined with Mobil Corporation, both major players in the gas and oil industry, what kind of merger was this?
Horizontal Merger
What was the unemployment rate in the United States for December 2023?
4.2%
What type of inflation occured after WWII where consumer demand exploded after being delayed due to wartime, as well as the returning workforce, which led to increased employment and rising wages.
Demand-pull inflation
Name one measurement that isn't included in the Gross Domestic Product.
Intermediate goods, Goods and services produced out of the country, Unpaid services, Illegal goods and services, Transfer payments
The best indicator to use when measuring a country's prosperity for its population rather than total output.
GDP Per Capita