oil and vinegar
Something that doesn't mix with perfect competition.
Andres can make $100 from working 10 hours or quit his job and sell tacos and make $800 in 70 hours. What should he do?
What is: quit his job and sell tacos
This shifts right when you increase investment spending
What is LRAS?
I like Oreos and milk together. If the price of Oreos goes up, what happens to the demand for milk?
What is it goes down?
The four types of investment spending are land labor entrepreneurship and this.
What is capital?
Something that doesn't mix with a free economy
What is a command economy?
If I work at Dunkin Donuts, but instead, I could be studying economics and getting 100 on the test, studying (and the grade) is this.
What is the opportunity cost?
The opportunity cost of holding money as cash is this.
What is the interest rate?
this is the law that describes why the demand curve is downward sloping
what is the law of diminishing marginal utility?
Low barriers to entry and identical goods are characteristics of this type of market perfect ____
What is competition.
Something that doesn't mix with a fixed exchange rate.
What is a floating exchange rate?
It costs $20 to rent the machine that cleans the tiles. Is this an explicit or implicit cost?
What is explicit
These are the four components of GDP.
What are consumer spending, investment spending, government spending, and net exports?
This occurs when the quantity demanded of a good decreases because of a rise in its price.
what is movement along the demand curve?
If there is perfect price discrimination, this is maximized.
What is consumer surplus?
Something that doesn't mix with a progressive tax system.
What is a lump sum tax?
Something that shifts downward when a firm experiences economies of scale.
This is a type of incentive that the gov't can give on investment spending.
What is a tax break?
my income goes up, and I buy more ramen instead of lobster. What is lobster? lobster is this type of a good
What is an inferior good?
The invisible hand guides this type of market.
What is capitalism?
Something that doesn't mix with conservative spending.
What is an increasing cost industry?
When the interest rate goes up, what does investment spending do?
What is decrease?
if the responsiveness of the quantity demanded to a change in price is greater than one, we can assume that this good has a ____ demand.
What is an elastic demand curve?
If I were to buy a bond in India, it would put a deficit in this type of account.
What is the capital account?