Micro #1
Scarce/Scarcity
The action of giving up one thing for another.
Trade-off
Economic system where traditions, customs, and beliefs help shape the goods and services produced.
Traditional Economy
Term for a trade that helps both sides.
Mutually Beneficial Exchange
Where did Mike and Sully work?
Monster's Incorporated
How much consumers are willing to pay at a various price.
Demand
The value of what you are giving up in a trade-off.
Opportunity Cost
An economic system where two forces, known as supply and demand, direct the production of goods and services.
Market Economy
When an individual or country can produce the most of a certain product they have the...
Absolute Advantage
What Disney Movie did the NFL recently team up with to broadcast one of their games?
Toy Story
How much producers are willing to make at various prices.
Supply
Valuable review time
In the business cycle, what is a period of economic growth known as?
Expansion
When an individual or country can produce the most of a product at the lowest opportunity cost they have the...
Comparative Advantage
Which factor of production would The Once-ler be in the Lorax?
Entrepreneur
Situation where supply and demand are balanced.
Equilibrium
Name the three types of businesses we covered in this class.
- Sole Proprietorship
- Partnership
- Corporation
In the business cycle, what is a period of economic contraction known as?
Recession
Policy made by the Federal Reserve to help with interest rates, amount of printed money, etc.
Monetary Policy
What does Ariel call a fork in the Little Mermaid?
Dinglehopper
Indicated by a change in price on a demand curve.
Quantity Demanded
What does the term LLC stand for and what does it mean?
Limited Liability Company.
The company is held liable for any debts or legal issues, not the individuals running the business.
Please list the 4 Market Indicators that we discussed in this unit:
- GDP
- Standard/Cost of Living
- Unemployment Rate
- CPI
Policy made by Congress or the President dealing government spending or taxes.
Fiscal Policy
Who is the main character in Surf's Up!
Cody Maverick