Economics
This is the perceived value received when purchasing a good or service.
What is economic utility?
This is what happens to the unemployment rate during the "recession" phase of the economic cycle.
What is increase?
A term from The Lion King meaning, no worries.
Hakuna Matata
This is the percentage of the labor force that is unemployed and actively seeking work.
What is the unemployment rate?
This states that buyers will urchase more of a product or service as its price drops.
What is the Law of Demand?
Land, labor, capital, and information are considered these.
What is economics resources?
This is the phase of the economic cycle shown in this example: In the United States, the gross domestic product (GDP) has consistently decreased for six consecutive months. Most businesses are struggling, although some are still thriving.
What is recession?
The Flash's real name
Barry Allen
This is when one country or business can produce something more efficiently, using fewer resources.
What is the competitive advantage?
This states that producers will offer more of a good or service as the price rises.
What is the Law of Supply?
This is the phase of the economic cycle where the economy has reached its lowest point, followed by signs that it is beginning to grow again.
What is 'depression'?
This is what market economies are aiming to accomplish with their prices when they work to keep the cost of goods and services from changing.
What is price stability?
Sid is this kind of animal in Ice Age.
A sloth
This is the type of economy that relies on a centralized government to control all or most resources and to make production decisions.
What is command economy?
This is an economic system blending elements of market and command economy structures.
What is a mixed economy?
This is what the federal government calculates this by examining the market value of all goods and services produced by the economy in a given year.
What is Gross Domestic Product (GDP)?
This is what an entrepreneur deals with when a key ingredient for their product is discontinued. (It is no longer abundantly available... it becomes... )
What is scarcity?
He is the first non-English artist to be Spotify's most streamed artist three years in a row.
Bad Bunny
This is the willingness and ability of buyers to purchase a product or service.
What is demand?
This is the measure of change in the price level of a weighted-average market basket of goods and services purchased by households. (If you think we did not talk about this yet, you are correct, but it's important.)
What is the consumer price index (CPI)?
This is what one entrepreneur might accomplish by matching his prices with another entrepreneur's prices within their shared market.
What is comparative advantage?
When a company corners the market on products and is the primary seller for the majority of these products in the marketplace, this is the competitive structure that the business participates in. (This is a challenge - we did not talk about this vocab word, but you know it, if you play board games.)
This city and state is the setting for the ‘Stranger Things’ story.
Hawkins, Indiana
This is the price at which the quantity of goods demanded and the quantity of goods supplied are equal.
What is equilibrium price?
These are the three goals of all economies.
What are growth, high employment, and price stability?