Introduction to Economics
The four categories of resources that are required to produce any good or service
Factors of Production
The quantity of a good or service that customers are willing and able to buy at given prices in a particular period of time
Demand
A pharmaceutical drug has PED of -0.18. That means, the product is price ...
inelastic
External costs suffered by stakeholders not involved in an economic transaction
Negative externalities
Number one most streamed song in Spotify by November 2024, performed by The Weeknd.
Blinding Lights
How to allocate scarce resources to satisfy their unlimited needs and wants
Economic problem
The quantity of goods or services that firms are willing and able to sell at any given price, per time period.
Supply
The price of a camera is valued at $150. During the end of year sales the shop reduces the price to $130.
Calculate the % change in price.
-13.33%
Tax on sales of goods and services that the producers can pass on to the consumers
Indirect tax
Venom : The Last Dance was number one in the USA's Box Office for ... weeks in a row
3
Costs of an economic decision measured in terms of the best alternative choice forgone
Opportunity cost
Indonesia's per capita income in 2023 is IDR 54.46 million, an improvement from IDR 52.2 million in 2022.
What impact will this have towards the demand curve for smartphones?
the demand curve will shift to the right
A shop sells batteries for their cameras for just $1, and the quantity demanded is 10 million.
Following a price rise to $1.10 the quantity demanded falls to 9,500,000 units.
Calculate the PED.
-0.5
A maximum price set by the government below the market price to protect the consumers
Price ceiling
The world's number one manga in the terms of sales. Its story is about battles between sorcerers and cursed spirits.
Jujutsu Kaisen
A diagrammatic representation of the maximum combination of two products (goods and services) that an economy can produce, when all its resources are used efficiently, per time period
Production Possibilities Curve
In November 2024, 1 kg of flour is priced at IDR 13K, a decline compared to IDR 15K in October.
How will it impact the supply curve?
the supply curve will shift to the right
The latest drug from a pharmaceutical company has PED of -0.18. Calculate the impact of a 3.5% rise in price on its quantity demanded.
0.63% decrease
Overconsumption of fossil fuel will result in ...
MPB > MSB
Increasing rainfall in Jakarta the last couple of days are the impact of ...
La Nina
If a country got hit by a hurricane that destroyed most of its factories, then the PPC will ...
Shifts inward
Due to an increase in price of chili in the market, there are less people willing and able to buy chili.
In the price mechanism, this is an example of the ... function
rationing
If a producer is selling price elastic products, what should he do to have an increase in sales revenue?
Decrease the price
Carbon tax could solve the negative externalities of production by ... (in the graph)
Shifting the MPC until it reaches MSC
The title of the song by Madonna, used in the movie 'Deadpool & Wolverine' in the battle scene between Deadpool & Wolverine vs the Deadpool variants.
Like A Prayer