Economic Terms
Laws & Theories
Graphs
Formulas
Fun Facts
100
The general ability to produced more goods using fewer resources.
What is Absolute Advantage.
100
This fundamental economic principle indicates that as the price of a commodity decreases, then the quantity of the commodity that buyers are able and willing to purchase in a given period of time, if other factors are held constant, increases.
What is Law of Demand
100
At least one input is fixed
What is Short Run
100
Formula for Total Cost
What is Fixed Cost + Variable Cost
100
Economist associated with the University of Chicago
Who is Milton Freedman
200
A social science that studies the allocation of limited resources to the production of goods and services used to satisfy consumer's unlimited wants and needs.
What is Economics
200
This fundamental economic principle indicates that as the price of a commodity increases, then the quantity of the commodity that sellers are able and willing to sell in a given period of time, if other factors are held constant, also increases.
What is Law of Supply
200
all of your inputs are variable
What is Long Run
200
Formula for Average Total Cost
What is Total Cost/ Quantity
200
Where is the summit held that focuses on prominent economic issues that face the U.S?
What is Jackson Hole, Wyoming
300
The difference between funds received by a country when exporting merchandise and the funds paid for importing merchandise
What is Balance of Trade
300
The principle stating that as more of a good is consumed, eventually each additional unit of the good provides less additional utility. Each subsequent unit of a good is valued less than the previous one.
What is Law of Diminishing Marginal Utility
300
When does a firm "shut down"
What is when the P is then than or equal to AVC
300
What is the Formula for Marginal Product of Labor
What is Change in Q(output)/ Change in Labor
300
When was the WTO Created?
When is 1995
400
An economy in which the government uses its coercive powers (such as command and control) to answer the three questions of allocation.
What is Command Economy
400
If a country is abundant in Land or Labor or Capital than they should specialize and export that good or service.
What is Factor Proportions Theory
400
When does a firm exit the market
What is when the P is less than or equal to ATC
400
Formula for Marginal Revenue
What is Change in TR/ Change in Output
400
What is the governments main source of income?
What are Taxes
500
The form of government policy where money is added to stimulate the economy.
What is Quantitative Easing
500
The theory suggests that early in a product's life-cycle all the parts and labor associated with that product come from the area in which it was invented. After the product becomes adopted and used in the world markets, production gradually moves away from the point of origin.
What is Product Life-Cycle Theory
500
In the long run profit for a perfectly competitive firm is equal to what?
What is ZERO
500
What is the Formula For The Marginal Product of Capital
What is Change in Q/ Change in Capital
500
Who is the best economics teacher?
Who is Marieta Velikova
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