Category 1
A want is...
Something we would like to have but not necessary for survival.
A useful tangible item.
Good.
What is GDP Per Capita?
GDP divided by total population.
What is a stock?
A share in a company (an investment)
Perks and compensation that are not part of the base salary or wages.
Benefit
The value of the next best option. The alternative you give up.
Opportunity Cost.
Work that is performed for someone. Such as doctors, lawyers, plumbers, and more.
Service.
The amount of a specific good or service that's available in the market.
Supply.
The Struggle among sellers to attract consumers with the best products and lowest prices.
Competition
In a PPC if a point is on the curve it is...
Efficient
Inefficient
Impossible
Efficient
The social science dealing with how people satisfy unlimited wants and needs with the careful use of scarce resources.
Economics.
The fundamental economic problem facing all societies resulting from a combination of scarce resources and unlimited wants and needs.
Scarcity.
The Four Factors of Production
Land, Labor, Capital, Entrepreneurship
The general rise in prices and fall in purchasing power of money.
Inflation
Tax on the transfer of property of a deceased person.
Estate Tax
When the price changes buying habits stay about the same.
Inelastic Demand
Tax where percentage of income paid rises as level of income rises.
Progressive Tax
The transfer of a major branch of industry or commerce from private to state ownership or control.
Nationalization
Tax or duty to be paid on particular imported goods.
Tariffs
What does GDP mean?
The total value of all goods and services produced in a country during a single year.
Tax where the percentage of income paid stays the same regardless of how much income you make.
Flat Tax
International trade left to its natural course without tariffs, quotas, or other restrictions.
Free Trade
Compound Interest is more powerful than Simple Interest because…
It has interest on the principal (amount deposited) and additional interest that repeats.
In which economic system does the government or central authority answer: WHAT, HOW, and FOR WHOM to Produce?
Command Economy
What is the equilibrium price?
Price where quantity supplied equals quantity demanded