Fundamentals
This flows from households to businesses through the factor market.
What are factors of production?
This is the law describing the rationale behind the down sloping demand curve.
What is the Law of Diminishing Marginal Utility?
The quantity demanded of this type of good increases as income decreases.
What is an inferior good?
Perfectly competitive industries should shut down when this condition is true.
What is P is less than AVC?
Who was considered the "Father of Relativity"
Who is Albert Einstein
This is the problem faced by society's unlimited wants.
What is scarcity?
This law is the rationale behind the upsloping supply curve.
What is the Law of Increasing Costs?
This government action serves to decrease input costs and shifts supply right.
What are subsidies?
The demand curve for perfectly competitive industries is equal to these. (Must list 2 at least)
What is MR, AR, P?
A country has a comparative advantage in the production of a good if this is true.
What is having a lower opportunity cost?
Pablo can either study or mow the lawn for $10. The cost of studying is this.
What is $10?
If iPhones suddenly become cheaper relative to Samsung phones, then people buy more iPhones. This effect represents the given situation.
What is the substitution effect?
Determinants of demand include related goods prices, income, expectations, number of buyers, and this.
What is consumer preferences or taste?
Because a monopolist produces at P > MC, it is not this.
What is allocatively efficient?
What is Titanic, 3 hours and 14 minutes?
Factors of production include, land, labor, capital, and this.
What is entreprenurial ability?
This situation is caused by a price ceiling, where quantity demanded exceeds quantity supplied.
What is a shortage?
Determinants of supply include government actions, technology, producer expectations, input prices, number of sellers, and this.
What is weather or acts of God?
A monopolistically competitive firm makes this type of profit in the long run.
What is normal, or positive profit?
This big cat is considered the most aggressive of the big cats.
What is the tiger?
Given society's unlimited wants and limited resources, society must make these.
What are trade offs?
This is the difference between the price a consumer is willing to pay and the price actually paid.
What is consumer surplus?
Relationships between oligopolist firms are characterized by this principle.
What is mutual interdependence?
In the UK, what is the day after Christmas known as?
What is Boxing Day?