Back to Basics
The definition of economics
What is the study of how people fulfill unlimited needs/wants using limited resources?
What are the consumer sector and government sector?
The definition of the civilian labor force
Who is anyone 16 years or older and actively looking for a job
The first stage of development for a country's economy
What is the agricultural stage?
The law of demand and its relationship
What is when price goes up, the quantity demanded goes down (and vice versa) - inverse relationship?
The difference between needs and wants
What is it when a need is necessary for survival and a want isn't necessary?
Most property in a capitalist system
What is private property?
The definition of picketing
What is when workers march in front of a store to publicly shame them and bring attention to their cause?
Bait and switch
What is a deceptive practice used to get buyers in the door and sell them something more expensive?
The law of supply and its type of relationship
The ups and downs in a business cycle
What are business fluctuations?
Can be owned by many people through stock
What is a corporation?
What are quotas, embargoes, and tariffs?
The ability of a country, using the same quantity of resources, to produce a product at a lower opportunity cost
What is a comparative advantage?
The 4 determinants of supply
What is number of firms, input, random event/taxes, and technology?
3 characteristics of a traditional economy
What is (varied)?
4 things NOT counted in GDP
What is casual jobs, black market, intermediate goods, and goods not made this year?
How supply and demand affect pay/wages
What is skill, location, and danger?
A trade balance
What is a country's exports minus imports?
The 5 determinants of demand
What is population, income, complimentary goods, substitute goods, and fads?
The definition of joint venture
What is when a temporary partnership is formed for to accomplish a job?
The formula for GDP and identification of each part
C+I+G+(X-M) = GDP
C- Consumer sector
I-Business investment
G- Government spending
X- Exports
M- Imports
4 types of unemployment defined WITH examples
What is frictional, cyclical, structural, seasonal
(Wording varied)
What is:
Character
Payment history
Collateral
The situation at the equilibrium point
What is when the quantity demanded is equal to the quantity supplied?