A social science concerned with the best use of scarce resources to achieve maximum satisfaction of wants
What is economics?
100
Firms will enter an industry when profits are ________
What is high?
100
When the price of a product the firm is producing increases, the demand for its labor _______________
What is increases?
100
A nation has a comparative advantage in producing a product when it can produce it at a __________ domestic opportunity cost than another nation.
What is lower?
100
Retail trade is a good example of this type of industry structure.
What is monopolistic competition?
200
The five determinants of demand
What is tastes, income, expectations, other goods, number of buyers
200
The auto industry is a good example of this type of industry structure
What is oligopoly?
200
The XYZ Coal Company extracts coal at a constant rate per year because it wants to maximize __________
What is profits?
200
If a nation can produce more of all products than another nation, then it has a(n) __________________
What is absolute advantage?
200
Pollution is an example of a negative ______________.
What is externality?
300
In this type of economic system, the production of goods and services is determined primarily through markets, but some goods and services are allocated by government.
What is a mixed economy?
300
This industry structure has no control over price.
What is pure competition?
300
United Auto Workers is an example of this type of union
What is inclusive?
300
A tariff is a tax, or an increase on the __________ of an imported good.
What is price?
300
How we calculate total revenue.
What is price times quantity?
400
The four types of industry structures in product markets
What is pure competition, monopolistic competition, oligopoly, and monopoly?
400
The price and quantity where a firm will produce to maximize profits is determined by setting ____________ equal to _______.
What is marginal cost and marginal revenue?
400
The factors of production
What is capital, entrepreneurship, land and labor?
400
When firms move labor operations overseas, this is called _________
What is outsourcing?
400
If it takes you 10 hours to prepare your tax return and you value your time at $20/hr and a CPA would charge you 2 hours at $60/hr, the incremental opportunity cost is ________, and you _____________ (should or should not) hire the CPA.
What is $80, and "should."
500
The two types of labor structures in resource markets
What is pure competition and monopsony?
500
The economic concept describing when unit production decreases as each unit of labor is added is called ________
What is the law of diminishing returns?
500
To maximize profits, firms will select the combination of labor and capital resources where ____________
What is MRP = MRC?
500
Name one factor that affects the demand for the U.S. dollar.
What is tastes, relative income changes, inflation rate changes, interest rates, expected returns on financial investments, or speculation?
500
Name one aspect of economics that will cause the production possibilities curve to shift outward as long term economic growth.
What is a change in one of the factors of production, or international trade.