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Unit 1
Unit 1
Unit 2
Unit 2
Unit 3
100
when something is of less abundance
What is scarcity
100
a bar that has to be met, usually dealing with production of goods
What is a quota
100
a direct relationship between price and quantity
What is supply
100
as price increases demand...
What is decreases
100
gross domestic product
What is GDP
200
when you have to give up making something in order to make another thing
What is opportunity cost
200
Who wrote a book about Laissez-faire
What is Adam Smith
200
Inverse relationship between price and quantity
What is law of demmand
200
as quantity increases then price....
What is decreases
200
gross national product
What is GNP
300
when a company or industry makes more of the same good than you
What is absolute advantage
300
when a country is operating with ideal conditions and all resources are being used fully
What is full employment
300
income affect shifts the.......curve
What is demand
300
when supply is more than demand you have a
What is surplus
300
real values are adjusted for inflation, while nominal values are not
What is the difference between real and nominal GDP
400
when a company makes a product with a lower opportunity cost they have a....
What is comparative advantage
400
A type of economics where the government interacts to make changes
What is command economics
400
taxes and subsidies shift the...... curve
What is supply
400
when demand is greater than supply you have a
What is shortage
400
A measure of the total output of a country that takes the gross domestic product GDP and divides it by the number of people in the country.
What is real GDP per capita
500
resources, labor, capital, and entrepreneurship are the
What is 4 factors of production
500
A type of economics where the gov isnt involved and they let the economy work itself out
What is traditional economics
500
a change in price must also = a change in....
What is quantity
500
when theres a price change you shift...
What is supply and demand
500
this GDP is not set for inflation
What is nominal GDP