Show:
Unit 1
Unit 2
Unit 3
Unit 4
Unit 5
100
Unlimited Wants and limited resources
What is Scarcity?
100
The value of or required payment of
What is Cost?
100
A system that coordinates the production and distribution of goods and services
What is an Economic System?
100
The government artificially lowers the price of goods or services
What is Price Ceiling?
100
Legal entity, More regulated, Double Taxes
What is a Corporation?
200
People who decide how to combine resources to create new good and services
What is Entrepreneurship?
200
The study of the economy as a whole and the study of how people or individual markets/ firms make decisions and how those decisions affect others
What is Micro and Macro economics?
200
Three economic questions
What is "What, How, For Whom"?
200
The current supply and demand for a particular industry
What determines wages?
200
Good Year and Honda merging into one company
What is a vertical merger?
300
“All is equal and other conditions remain the same”
What is Ceteris Paribus?
300
Harvesting or extraction of raw materials
What is the Primary sector?
300
Economic growth, efficiency, equity, economic security, economic freedom
What are the 5 economic goals?
300
When the quality supply is less than the quality demand And when the quality supply is larger than the quality demand
What is shortage and surplus?
300
Regulates merging
Who/What is the FTC?(federal trade commission)?
400
The Economic term for satisfaction
What is Utility?
400
C+I+G+(X-M)
What is the formula for GDP?
400
GDP, Standard living, an increase inter goods and services an economy can produce over time
What is Economic Growth
400
The interaction of supply and demand determines the price at which a good is sold in the market and the quantity exchange
What is the Equilibrium Price?
400
Examples of this market structure include: Oil companies, cereal companies, car manufacturers
What is an Oligopoly?
500
The model that shows alternative ways that an economy can use its same resources
What is Production Possibility Frontier?
500
Three incentives for decision making
What is Monetary, Social and Moral?
500
The two most influential people in economics
Who are Karl Marx and Adam Smith
500
Income, substitution effect, law of diminishing marginal utility
What are the three factors of law and demand?
500
This firm has no one business that makes up the majority of its sales
What is a Conglomerate?