A Solid Foundation
If someone considers if they should use one more unit, it could be said that that person is:
What is “Thinking on the Margin”?
Shows how much people are willing to pay at different prices
What is the demand curve?
Shortages are known to caused by this, being the maximum price by law.
What is a price ceiling?
The market value of final goods and services produced within a country within a year.
What is GDP?
What music platform does your SI leader use most often?
“There ain’t no such thing as a free lunch” refers to…
What is opportunity costs?
The price at which the quantity demanded is equal to the quantity supplied
What is equilibrium?
If Emily purchases a jacket for $25 that she would have paid $40 for, is an example of this.
What is consumer surplus?
Y=C+I+G+NX
What is the national spending approach?
Randy's favorite student athlete sport at USU.
What is softball?
The ability to produce a good or service at a lower opportunity cost than another producer.
What is Comparative Advantage?
Changes in technology, inputs, and tastes all change the…
What is supply?
When the government implements a new minimum wage requirement is an example of this.
What is a price floor?
A significant widespread decline in real income and employment.
What is a recession?
The key to winning an election, from an economic stand point.
What is to diffuse cost and concentrate benefits?
In an hour Jack makes 1 A or 5 B, & Jill makes 3 A or 6 B. Who has comparative advantage in B?
Who is Jack?
A sale at a store indicates that there is a this.
What is a surplus?
A gain from exchange or difference between the market price and the minimum price sold is this.
What is producer surplus?
South Korea and Japan are examples of these while Niger and Argentina are examples of these.
What is growth miracles and growth disasters?
Released in May of 1977 this major box office hit changed the world as we know it today. One famous line from this film is, “She may not look like much, but she’s got it where it counts, kid.”
Star Wars IV A New Hope
The natural force that guides free market capitalism through competition for scarce resources:
What is “the invisible hand”.
This fictional concept, used by economist, shows the price at which the quantity demanded is equal to the quantity supplied
What is equilibrium?
Shortages, reductions in quality, search costs, loss of gains of trade and misallocation of resources all result from this.
What are price controls?
Known as the rules of the game, they structure economic incentives
What are institutions?
“ It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.” Said…
Who is Adam Smith?