When there is a insufficiency or shortness of supply.
What is scarcity?
100
When government makes decisions, or a planned economy, is an economic system where the main economic decisions are taken by the government.
What is a command economy?
100
When the quantity demanded equals the quantity supplied.
What is equilibrium?
100
An amount of something left over when requirements have been met, an excess of production or supply over demand
What is a surplus?
100
An estimated value of the total worth of a country's production and services within its boundary by its national and foreigners calculated over the course of one year.
What is gross domestic product?
200
The money or other benefits lost when pursuing a particular course of action instead of a mutually-exclusive alternative.
What is opportunity cost?
200
When a traditional economy is an original economic system in which traditions, customs, and beliefs shape the goods and the services the economy produces.
What is a traditional economy?
200
The number of consumers, tastes and preferences are what affect this.
What is a demand shifter?
200
A stock of a resource from which a person or place can be provided with the necessary amount of that resource.
What is supply?
200
An estimated value of the total worth of production and services, by citizens of the country, on its land or foreign land, calculated over the course of one year.
What is gross national product?
300
When one company is the best at producing or providing the best goods or services in a given field they are said to have
What is absolute advantage?
300
The Scottish moral philosopher that was the pioneer of political economy?
Who is Adam Smith?
300
The direct relationship between price and quantity supplied.
What is the law of supply?
300
The increase in utility an individual gains from increase in the consumption of a particular good
What is diminishing marginal utility?
300
Consumption + investment + government spending + (exports - imports)
What is the equation of GDP?
400
A limited quantity of a particular product that under official controls can be produced, exported, or imported.
What is a quota?
400
An economy in which decisions regarding investment, production, and distribution are based on supply and demand.
What is a market economy?
400
When something has little to no supply left in stock.
What is a shortage?
400
A measure of how much the quantity demanded will change if another factor changes.
What is demand elasticity?
400
Second hand sales, non-market transactions, black market, items not processed in a current year, public transfer payment, private transfer payment, stocks and bonds are examples of...
What is not counted in GDP?
500
When one company can produce the product at a lower price than any other company.
What is comparative advantage?
500
An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
What is capitalism?
500
The desire of purchasers or consumers for a particular commodity, good, or service.
What is demand?
500
There is an inverse relationship between price and quantity demanded.
What is the law of demand?
500
A measure of the total output of a country that takes the gross domestic product (GDP) and divides it by the number of people in the country.