Pure/Perfect Competition, Monopolistic Competition, Oligopoly, and Monopoly.
What are the different types of market structures?
100
The basic economic problem that arises because people have unlimited wants but resources are limited.
What is "scarcity"?
100
The branch of economics that analyzes the market behavior of individual consumers and firms in an attempt to understand the decision-making process of firms and households. It is concerned with the interaction between individual buyers and sellers and the factors that influence the choices made by buyers and sellers.
What is "microeconomics"?
100
Expansion, Peak, Recession, Trough.
What is included in the "business cycle"?
100
An offer to purchase a security or other asset that cannot be transferred to another party. An entitlement offer is offered at a specific price and must be used during a set time frame.
What is "entitlements"?
200
Sole Proprietorship, General Partnership, Corporation.
What are the different types of Business ownership?
200
The cost of an alternative that must be forgone in order to pursue a certain action.
What is "opportunity cost"?
200
These economic variables will be unchanged from their equilibrium values in the absence of external influences. Economic equilibrium may also be defined as the point where supply equals demand for a product – the equilibrium price is where the hypothetical supply and demand curves intersect.
What is "market equilibrium"?
200
A regulation implemented January 1, 1994 in Mexico, Canada and the United States to eliminate most tariffs on trade between these nations. NAFTA’s purpose is to encourage economic activity between the United States, Mexico and Canada.
What is "NAFTA"?
200
A U.S. law requiring a deduction from paychecks and income that goes toward the Social Security program and Medicare.
An economic system where few restrictions are placed on business activities and ownership. In this system, governments generally have minimal ownership of enterprises in the market place.
What is "free enterprise"?
300
A situation where demand for a product or service exceeds the available supply. Possible causes of a shortage include miscalculation of demand by a company producing a good or service.
What is "shortage"?
300
The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling.
What is "inflation"?
300
The process in which a business determines whether projects such as building a new plant or investing in a long-term venture are worth pursuing.
What is "capital budget"?
400
Where an investor loans money to an entity (typically corporate or governmental) which borrows the funds for a defined period of time at a variable or fixed interest rate.
What are "Bonds"?
400
Capital, Entrepreneurship, Land, and Labor
What are the factors of production?
400
The amount of an asset or resource that exceeds the portion that is utilized. A surplus is used to describe many excess assets including income, profits, capital and goods.
What is "surplus"?
400
To trade by exchange of commodities rather than by the use of money.
What is "barter"?
400
A stock or any other security representing an ownership interest.
What is "equity"?
500
A payment to an owner for the use of property, especially patents, copyrighted works, franchises or natural resources. A royalty payment is made to the legal owner of a property, patent, copyrighted work or franchise by those who wish to make use of it for the purposes of generating revenue or other such desirable activities.
What are "royalties"?
500
Products that are purchased for consumption by the average consumer. Alternatively called final goods, consumer goods are the end result of production and manufacturing and are what a consumer will see on the store shelf.
What are "consumer goods"?
500
Government Regulations, Expectations, Taxes (excise), Subsidies, Technology, Inputs (cost of production), Productivity, Sellers (number of)
What is "GETSTIPS"?
500
Something that is used as a medium of exchange; money.
What is "currency"?
500
Property or other assets that a borrower offers a lender to secure a loan. If the borrower stops making the promised loan payments, the lender can seize the collateral to recoup its losses.