Unit 1a
Unit 1b
Unit 2a
Unit 2b
Unit 3
Unit 3/4
Unit 4
100
This type of economy is associated with the ideas of the invisible hand
Market Economy
100
This is the value of the next best alternative.
Opportunity Cost
100
A movement along a supply or demand curve will only be a result of this type of change.
Price change
100
This occurs when quantity demanded is greater than quantity supplied (QD>QS)
Shortage
100
This type of market structure sees a completely different and unique product.
Monopoly
100
A lawyer is an example of this type of labor.
Professional labor
100
This type of policy is controlled by Congress and the President.
Fiscal policy
200
The United States is considered this type of economy.
Mixed (market leaning) Economy
200
This is the natural occurring issue that forces people to make trade offs.
Scarcity
200
The price of peanut butter increases. If almond butter and peanut butter are substitutes, what happens to the market (supply or demand) for almond butter?
PINT - price of related goods (substitute)
if price of substitute increases, then the demand for the original good (almond butter) increases.
200
Oreos and milk are examples of this type of related good.
Compliments
200
A cashier job at a gas station would typically be considered this type of labor.
unskilled labor
200
This type of market is always associated with product differentiation
Monopolistic Competition
200
This is the measurement of a country’s economic performance.
Gross Domestic Product (GDP)
300
A person getting a degree and job experience is an example of this factor of production.
Human Capital
300
When deciding how to spend your time after school, these are the choices you decided to NOT spend your time doing.
Trade offs
300
Equilibrium, also known as this, when quantity supplied equals quantity demanded (QS=QD)
Market clearing price
300
According to the Law of Supply, when a product’s price increases, this will increase.
Quantity Supplied (QS)
300
This type of market structure has the largest amount of competition and the same products.
Perfect Competition
300
DAILY DOUBLE!
The graph below is referred to as this. Also identify #1-4
Business Cycle, Peak, Contraction, Trough, Expansion/recovery
300
Money supply and Interest rates are controlled under this type of policy.
Monetary policy
400
This type of economy has a government that controls all aspects of the economy.
Command Economy
400
This is something a person can offer to influence a person's decision making process.
incentives
400
A computer business decides to buy the newest model of technology necessary for their factory assembly lines. How would this impact the market for computers? Describe how the curve would shift, and what that would mean for equilibrium price.
RING - (investment) Supply of goods would increase, S shifts to the right, making Equilibrium price decrease.
400
Moving from point to point on a demand curve would be a change in this.
price / quantity demanded
400
This type of business organization has multiple owners, called shareholders, who have limited responsibility.
Corporation
400
These are the tools of Fiscal policy
taxing and government spending
400
This is the largest section of tax revenue, which covers roughly 50% of government revenue.
Income Tax
500
A person not interested in cleaning up a dirty public bathroom is known as this issue.
Tragedy of the Commons
500
A business buying new equipment is an investment in this factor of production.
Physical Capital
500
This occurs when quantity supplied is greater than quantity demanded (QS>QD)
Surplus
500
How would a natural disaster affect the market for farm products? Describe the type of change and how the graph would change.
RING - Supply of farm products would decrease, S shifts to the left
500
This is a key practice of labor unions to make agreements on behalf of the betterment of their members to their employers
Collective Bargaining
500
This type of policy is controlled by the Federal Reserve.
Monetary
500
When someone just turns 16 and is looking for a job that they would be interested in, they are experiencing this type of unemployment.
Frictional Unemployment
600
Lumber and oil are examples of this factor of production.
Land
600
Based on the graph and schedule below, this type of production would be identified if the business was producing 2 robots and 9 barrels of wheat.
inefficient production
600
There is a popular influencer who is posting ads of a new water bottle. What happens to the market for water bottles? Describe who the curve would shift, and what that would mean for equilibrium price.
PINT - Trends. Demand increases because of increase in popularity of item. Demand would move to the right, and Eq price would increase.
600
This acronym is how you can remember how shifting affects supply and demand.
IRDL (increase right, decrease left)
600
This type of business organization has one owner and unlimited liability.
Sole Proprietorship
600
This is the macroeconomic indicator for Price stability
CPI (Consumer Price Index)
600
When someone gets fired during a recession, and is having a hard time finding another job, they are experiencing this type of unemployment.
Cyclical Unemployment