Show:
The Nature of Business
Macroeconomics
Microeconomics
Competing in a Free Market & Trends
RANDOM FACTS
100

This is the money a company receives by providing services or selling goods to customers.

What is Revenue?

100

The total market value of all final goods and services produced within a nation’s borders each year.

What is Gross Domestic Product? (GDP)

100

This is the quantity of a good or service that people are willing to buy at various prices.

What is demand?

100
  • Many firms are in the market.
  • The firms offer products that are close substitutes but still differ from one another.
  • It is relatively easy to enter the market.

These are aspects of this type of market system.

What is monopolistic competition/monopoly?

100

This is the town where Mr. Hutchens grew up.

Where is Sandpoint, Idaho?

200

These are intangible offerings of businesses that can’t be held, touched, or stored.

What are Services?

200

A decline in GDP that lasts for two consecutive quarters.

What is a recession>

200

A graph of the relationship between various prices and the quantities a business will supply

What is a supply curve?


200
  • A few firms produce most or all of the output.
  • Large capital requirements or other factors limit the number of firms.

These are characteristics of this type of market system.

What is an Oligopoly?

200

This is the college that Mr. Hickey attended.

What is Penn State?

300

This is an organization that exists to achieve some goal other than the usual business goal of profit.

What is a not-for-profit organization? (Non-Profit)
300

The value of what money can buy.

What is Purchasing Power?

300

A state in a market-based economy in which economic forces – such as supply and demand – are balanced.

What is Equilibrium?

300
  • A large number of small firms are in the market.
  • The firms sell similar products; that is, each firm’s product is very much like the products sold by other firms in the market.
  • Buyers and sellers in the market have good information about prices, sources of supply, and so on.

These are aspects of this type of market system.

What is Perfect (Pure) Competition?

300

This is the High School Mr. Horning Attended.

What is Emmett High School?

400

This is measured by the output of goods and services people can buy with the money they have.

What is Standard of Living?

400

This is short-term unemployment that is not related to the business cycle. It includes people who are unemployed while waiting to start a better job, those who are reentering the job market, and those entering for the first time, such as new college graduates.

What is Frictional Unemployment?

400

With this type of policy, the Fed restricts, or tightens, the money supply by selling government securities or raising interest rates. 

What is contractionary policy?

400

Gas & Water are examples of this type of market structure?

What is a Pure Monopoly?

400

McCall, Idaho is located in this county.

What is Valley County?

500

The tools, machinery, equipment, and buildings used to produce goods and services and get them to the consumer are known as this.

What is Capital?

500

These are two of the three goals of macroeconomics

What is High Employment, Economic Growth, & Price Stability?

500

When a buyer's income increases, it causes the shift in demand to go this direction.

What is right?

500

Farm products such as wheat and corn are examples of products in this type of market structure.

What is Perfect Competition?

500

This is the name of the company Billionaire Warren Buffett owns.

What is Berkshire Hathaway?