Microeconomics Misc.
The basic problem in economics that leads to trade and who deals with it
What is scarcity and everyone
This part of the business cycle is when the economy begins to slow down
What is contraction?
This condition is reached when buyers purchase exactly as much as sellers are willing to sell
What is equilibrium?
A tax on imported goods done to protect a domestic producer but can end up hurting consumers
What is a tariff?
Define that economy:
In Econoland, the government owns all the industries and farms. Production goals and wages are set by the government. It provided education, child care, and medical care for its citizens.
What is a command economy?
Exchanging one thing for another
What is a trade off
This economic indicator shows the total dollar value of a nation's final goods and services produced in a year
What is GDP?
Advances in technology result in...
What is increased supply/productivity?
The ability to produce goods and services at lower opportunity cost than a trade partner
What is a comparative advantage?
Type of economy where consumers and businesses are able to guy and sell products with a minimum amount of government restrictions.
What is a free market economy?
What is a profitf?
The amount of Federal Reserve Banks in the United States
What is 12?
The price of orange juice rises and continues to do so over several much. An economist would probably state that if the situation described above continues, people would most likely purchase...
What is a substitute for orange juice?
1. Goods and services brought into a country
2. Goods and services sent out of a country
3. The difference between the two
What is an import, export, and trade balance?
A mixed economy has features of two economic systems. Name those systems.
This group of people must make economic decisions to satisfy needs and wants based on the resources available because of this.
What is the government and what is scarcity?
The Federal Reserve uses an influential interest rate to influence this in order to control economic growth
What is monetary policy?
If the supply of milk goes up, but the demand stays the same, the milk prices will...
What is fall?
This is created due to: the uneven distribution of natural resources, different climates and geographic conditions that make access to certain goods difficult, varying levels of tech and expertise, and the way that specialization leads to efficiency
What is economic interdependence?
In a market economy, which group of people has the most influence on what is produced?
Who are the consumers?
Three basic economic questions
What should be produced?
How should it be produced?
For whom should it be produced?
Congress uses taxes and government spending to influence economic growth through this
What is fiscal policy?
The most likely reason why a business would cut the price of a product it sells.
What does it mean when there is a surplus of a product and a company wants more people to purchased it?
-Give one reason in support of restricted trade
-One reason against restricted trade
-One reason in support of free trade
-One reason against free trade
-One reason why globalization is a blessing or a curse
Answers will vary
In a free market economy, this is the most likely reason someone earns a high salary at a job