Market Economies
Complete control of a product or business by one person or group
What is a monopoly?
the quantity of a good or service that consumers are willing and able to buy
What is demand?
the study of economy-wide phenomena, including inflation, unemployment, and economic growth
what are macroeconomics
represents the potential benefits an individual, investor, or business misses out on when choosing one alternative over another.
What is opportunity cost?
How many episodes are there in the now cancelled Disney show Tron: Uprising?
19 episodes
An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.
What is a traditional economy?
is anything that motivates a person to do something
What are incentives?
wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing.
What is capital?
a statistic used to gauge future trends in a nation's economy.
What are indicators?
Markko Saaresto, vocalist for the Finnish band Poets of the Fall, starred as the model for which character in the 2001 video game Max Payne?
Vladimir Lem
an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
What is a market economy?
is the market price at which the supply of an item equals the quantity demanded; market clearing price.
What is the equillibrium price?
is a situational decision that involves diminishing or losing one quality, quantity, or property of a set or design in return for gains in other aspects.
What is a trade-off?
The sum total of the value of all the goods and services produced in a nation
What is the Gross Domestic Product (GDP)?
During the final scene of Alan Wake, a 2010 Xbox 360 game, the titular character says what about his predicament in relation to Cauldron Lake?
"It's not a lake, it's an ocean."
a state of limited competition, in which a market is shared by a small number of producers or sellers.
What is an oligopoly?
This chart has an upward slope in relation to supply and demand
What is the supply curve?
the process of starting, organizing, managing, and assuming the responsibility for a business
What is entrepreneurship?
a measure of the overall cost of the goods and services bought by a typical consumer
What is the Consumer Price Index (CPI)?
Amidst the controversy surrounding uppermanagment of the Konami Corporation in 2014/15, which highly anticipated video game was cancelled, despite critical acclaim and promising staff?
Silent Hills, developed by Kojima Productions for the PS4.
refers to a market for a product or service that is price sensitive; that is, relatively small changes in price will generate fairly large changes in the quantity demanded
What is elastic?
A situation in which unlimited wants exceed the limited resources available to fulfill those wants
What is scarcity?
a group of diverse companies under common ownership and run as a single organization
What is a conglomerate?
two or more firms involved in different stages of producing the same good or service
What is a vertical merger?
At the end of Crisis Core FFVII, the dying Zack Fair tells a mako poisoned Cloud to do what?
To carry on his goals and memories as a living legacy.