Q 1+2
This term refers to the process where a company or individual focuses their labor on a specific type of production, often leading to increased efficiency.
What is specialization?
This term describes a market structure where a single company or group has control over the supply of a product or service, often leading to less competition.
What is a monopoly?
What are cost advantages gained as companies increase production, reducing the per-unit cost. This is due to spreading fixed costs over more units and often achieving lower variable costs through efficiency and bulk purchasing.
What does economies of scale mean?
This grocery product saw increased prices in 2018 after a drought in India caused poor harvests?
What is hummus?
This widely used economic indicator provides a rough estimate of a society's standard of living, but fails to consider factors like leisure, environmental quality, and health, among others.
What is GDP?
This economic principle suggests that people or companies will make decisions to maximize their benefits while minimizing costs.
What is cost-benefit analysis?
Exporters
Farmers
Entertainers
Global companies
Who are the winners of globalization?
This European country's university placement exam showed that students named Thomas and Marie tended to score the highest.
What is France?
This economic term describes the benefit consumers receive when they pay less for a product than what they are willing to pay, representing the difference between these two amounts.
What is consumer surplus?
This economic term describes the situation where an increase in one economic activity leads to increased activity in another related industry.
What is a multiplier effect?
This holiday was negatively impacted in 2015 by a combination of global factors that led to higher chocolate prices.
What is Valentine's Day?
This term refers to individuals or groups who benefit from a service or resource without paying for it, often seen in situations where positive externalities, like those from toll highways, occur.
What are free riders?
This theory argues that as wages increase, consumer demand for goods and services also increases, leading to economic growth.
What is the wage-led growth theory?
a significant shift in labor demand, reducing opportunities for lower-skilled workers while elevating the income potential for those with specialized skills.
What is the dual impact of technology and globalization on labor markets?
A 2004 study found that having a white-sounding name is worth this many years of work experience.
What is eight?
This phenomenon, characterized by a continuous decline in prices and wages, creates a self-reinforcing cycle that discourages consumer spending and leads to increased unemployment.
What is a deflationary spiral?
This law of economics states that as more units of a good are consumed, the additional satisfaction gained from each additional unit will eventually decrease.
What is the law of diminishing marginal utility?
X has forced companies to become more mindful of costs. Where workers in regulated industries were often overpaid relative to workers in other industries, deregulation has brought their wages in line with market rates.
What is the role of deregulation?
This Shakespearean effect posits that women with sexually ambiguous names tend to be more successful in male-dominated fields.
What is Portia's Hypothesis?