Basics
The basic problem of economics
What is scarcity?
Andon can make 4 paintings an hour, and Johnny can make 5 paintings an hour. Who has absolute advantage in paintings?
In this economy, the government makes all the decisions
What is a command economy?
The Law of Demand states that when price goes up, this happens to quantity demanded.
What is decreases?
This branch of economics studies the choices of families and businesses
What is Microeconomics?
The paper I printed your tests on counts as this factor of production
What is Land?
In this market structure, there is only one seller
What is a monopoly?
If quantity demanded and quantity supplied are equal, the market is in what condition?
All points inside a production possibilities curve are
Inefficient
A doctor's office provides this sort of product (good or service)
What is a service?
This economic system is often a blend of a market economy and a command economy
What is a mixed economy?
News drops that commemorative Super Bowl shirts signed by the players will be sold online for only $2 each, but there is a very limited supply. What will likely happen to the market for these shirts (surplus, shortage, equilibrium)?
Shortage
A production possibilities curve with a straight line shows this
The experience of a baker that lets him make an awesome cake counts as this factor of production
What is Capital?
In this market, there is a high barrier for entry and a small number of sellers that collaborate to establish prices
What is an Oligopoly?
If consumers expect prices to drop in the future, what happens to demand right now?
Decreases
The thing you give up when you make a choice
Landyn can make 3 Mr. Harris flags or 1 Mr. Harris AI pictures. Chase can make 2 Mr. Harris flags or 4 Mr. Harris AI pictures. Who has comparative advantage in Mr. Harris flags?
In this market, there are lots of sellers, and their products are all slightly different.
What is monopolistic competition?
If the price of a substitute for your good decreases, then what will happen to demand for your good?
Decreases