It all started with this
Land, Labour, Capital, Entrepreneurship
What are the factors of production
Tastes and Preferences Income Price of Related Goods Expectations Number of Buyers
What are the determinants of demand?
Economic growth, stable prices, high employment, long-run equilibrium in the balance of payments, equitable distribution of income
What is macroeconomic objectives?
A good or service produced in the home country and sold in another country.
What is an export?
The measure of how much one currency is worth in relation to another.
What is an exchange rate?
THE STUDY OF HOW INDIVIDUALS, GROUPS, AND GOVERNMENTS MAKE CHOICES TO SATISFY THEIR UNLIMITED WANTS WITH LIMITED RESOURCES
What is economics?
The claim that ceteris paribus, the quantity supplied of a good rises when the price of the good rises
What is the law of supply?
AN INCREASE IN THE AVERAGE PRICE OF GOODS AND SERVICES BOUGHT BY THE AVERAGE CONSUMER.
What is inflation?
When two or more nations make an agreement to completely eliminate tariffs on most (if not all) goods and services traded between the member nations
What is free trade area?
Ms Usmani wants to move her because of all the great social programs and lifestyle
What is Denmark?
AN ECONOMY THAT IS COMPLETELY CONTROLLED BY THEIR GOVERNMENT
What is a command economy
Indicates the extent to which the change in price causes changes in quantity demanded. It measures how SENSITIVE the demand for a product is to a change in price
What is the price elasticity of demand
THE DOLLAR VALUE OF ALL FINAL GOODS AND SERVICES PRODUCED WITHIN A COUNTRY’S BORDERS WITHIN A YEAR
What is GDP?
The ability to produce a product most efficiently given all the other products that could be produced
We watch a video about this hyperinflated country with a leader who refuses to quit
What is Venezuela?
The value of the next-best alternative when a decision is made
What is opportunity cost?
Time, Unused Capacity, Mobility, Storage
What are the factors of Elasticity of Supply?
IF A CONTRACTION LAST FOR _________ OR TWO QUARTERS THEN IT IS USUALLY CONSIDERED A RECESSION
What is 6 months?
Buying and selling of a minimum of 10% of a company's shares by a foreign investor in the domestic economy or by a domestic investor in another nation's economy
What is foreign direct investment?
Bingo Bango Bongo is a rule variation of which sport
What is Golf?
WHAT WILL BE PRODUCED, WHO WILL PRODUCE IT, FOR WHOM WILL IT BE PRODUCED?
What are the three questions of economics?
The change in the amount that consumers will buy because the purchasing power in their income changes.
What is the income effect
THIS EFFECT CAUSES A DECREASE IN INVESTMENT AS A RESULT OF GOVERNMENT BORROWING DUE TO A BUDGET DEFICIT.
What is crowding out?
the set limit on the amount of a good that can be imported
What is import quota?
You wouldn't want Oceans 11 trying to get in here. The Svalbard global vault in Norway houses what precious items.
What is Seeds?