Basics
Who Benefits?
Buy A Vowel
Supply and Demand
Miscellaneous
100
The father of Economics
Who is Adam Smith?
100
The 3 types of economies
What are traditional, command, and market economy?
100
Water/clothing/shelter
What is a need?
100
Law of Demand
What is: as price goes up, QD goes down
100
The 3 business models
What are sole proprietorship, partnership, and corporation?
200
The factors of production
What are land, labor, capital, and entrepreneurship?
200
The basic concept in economics that forces decision making
What is scarcity?
200
Money left after taxes
What is disposable income?
200
Factors that shift the supply curve
What are: technology, input, taxes, and disaster/event?
200
The value of the next best choice
What is opportunity cost?
300
The definition of "capital"
What is a manufactured good used to make other goods/services?
300
Property owned by individuals
What is private property?
300
The price of borrowing money
What is interest?
300
Factors that shift the demand curve
What are: population, income, substitute goods, complimentary goods, tastes/pref
300
The components of GDP
What are consumer goods, business investments, government purchases, and net exports?
400
Kitten Mittons' factors of production
What is yarn/ribbon, etc. land; workers - labor; scissors, crochet needles, etc. - capital; the idea - entrepreneurship
400
North Korea
What is an example of a command economy?
400
A refrigerator or car
What is a durable good?
400
Quantity demanded higher than quantity supplied
What is a shortage?
400
3 characteristics of a developing nation
What are: Poor health/low literacy rate/rapid population growth/weak property rights/poor education
500
Freely chosen activity between buyers and sellers of goods/services
What is market?
500
3 questions answered by economic systems
What to produce? How to produce it? For whom to produce it?
500
The exclusive right for someone to make, sell an invention
What is a patent?
500
The extent to which price affects demand
What is price elasticity?
500
Comparative advantage
What is when a country has a lower opportunity cost in the production of a good?
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