Foundations
What are the 4 factors of production
land (natural) Labor (Human) Capital Entrepreneurship
Type of unemployment based upon the time of the year.
Seasonal
What is a monopoly?
One seller that dominates an industry
This is a combination of market and command
Mixed
When a country focuses on one major export
Specialization
A plan for future spending and saving, weighing estimated income against estimates expenses.
Budget
What is the basic issue in economics
Not enough resources for all wants (Scarcity)
Type of unemployment based on the business cycle and the economy.
Cyclical
What is it called when the dollar devalues in comparison to prices.
Inflation
Type of economy where the government makes all decisions.
Command
The measure of value in all final goods and services produced in a country each year.
GDP
A numerical rating based on a person's credit history that represents their credit worthiness.
Credit Score
good
Type of unemployment based upon changes in job or a skill.
Structural
What is a monopolistic competition?
Many sellers with slightly different products
Type of economy that allows for businesses to take the most control.
Market
This is a period of expansion followed by a period contraction. It continues based upon the economy
Business Cycle
An arrangement that allows consumers to buy goods or services now and pay for them later.
Credit
What type of good is peanut butter to jelly?
Compliment
Type of unemployment based upon moving to a new job.
Frictional
Tomatoes, Potatoes, Etc. All exact same product.
A type of economy that relies on customs and natural structure.
Traditional
Name of taxes that increase as your income increases.
Progressive
What is an example of a variable expense?
Anything that moves based on usage (Electric, water)
This is used in economics to change behaviors.
Incentives
Peyton quit his job at chick-fil-a to go to the citadel. What type of unemployment is this?
Structural
Give one benefit of the European Union (EU).
1) Common currency (Euro)
2) No taxes on trade
3)Open movement/trade
What is a point that is outside of the production possibilities curve called?
Unattainable/Unreachable/Impossible
Give one goal of the Federal Reserve.
1)Achieve stable prices (inflation)
2) Have full employment
3)Economic Growth
Identify one thing that can affect your creditworthiness.
Amount of total credit, payment history, income level, other debts, length of time you've had credit