The very first principle in economics where limited sources forces you to choose one alternative.
What is Scarcity Forces Tradeoffs
100
The fundamental economic problem of having seemingly unlimited wants but limited resources.
What is scarcity
100
There is an inverse relationship between price and quantity.
What is the Law of Demand
100
Changes in price affect the purchasing power of consumer's income.
What is the Income Effect
100
An estimated value of the total worth of a country's production and services within it's boundaries, by it's nationals and foreigners, calculated over the course of a year.
What is Gross Domestic Product (GDP)
200
Principle 4 of economics where cost and benefits influence behavior to motivate people to a specific course of action.
What is Incentives Matter
200
The benefits you can receive by taking an alternative action.
What are opportunity costs
200
There is a direct relationship between price and quantity.
What is the Law of Supply
200
As you continue to consume a given product, you will eventually get less additional utility from each unit you consume.
What is the Law of Diminishing Marginal Utility
200
An estimated value of the total worth of production and services, by citizens of a country, on it's land or foreign land, calculated over the course of a year.
What is Gross National Product (GNP)
300
The 3rd principle of economics in which you try to get the most of something with the smallest cost.
What is Thinking at the Margin
300
To make a product more efficient.
What is comparative advantage
300
Price of resources, number of producers, technology, taxes and subsidies, and expectations are all this.
What are Supply Shifters
300
Raising product price to increase production is how the market system corrects this.
What is a shortage
300
Measures market value at current price of a nation's output of goods and services.
What is Nominal GDP
400
Principle 5 of economics where allowing others to trade can create more opportunities and make it easier to gain different products.
What is Trade Makes People Better Off
400
To use the resources of land, labor, capital, and entrepreneurship in the business environment.
What are the Factors of Production
400
Tastes and preferences, number of consumers, price of related goods, income, and expectations are all this.
What are Demand Shifters
400
When quantity supplied equals quantity demanded you have this.
What is equilibrium
400
The value of a nation's output of goods and services adjusted for the changes in prices of goods and services from a base year.
What is Real GDP
500
Principle 6 of economics where buyers and sellers come together to do business.
What is Markets Coordinate Trade
500
A government-imposed trade restriction that limits the number, or in certain cases the value, of goods and services that can be imported or exported during a particular time period.
What is quota
500
The movement along the demand curve is determined by a change in this.
What is price
500
The maximum price a producer may charge for a product can be defined as this.
What is a price ceiling
500
Measures changes in the price level of a market basket of consumer goods and services purchased by households.