Fundamentals
The reality is there's never enough of anything and this is a driving force in our decision making.
Scarcity
Though often hard to obtain, it's a desirable market because all goods and services are equal to each other and consumers have the greatest number of choices.
Perfect Competition
This law states that price (P) and quantity (Q) have an inverse or opposite relationship of each other.
Law of Demand
The Congress manages this every year to determine our means of spending. It begins with the "fiscal year" and is supported by taxes.
***THIS QUESTION IS A DAILY DOUBLE***
Fiscal policy
Shared costs & responsibilities/ cooperative, liabilities distributed between panthers, Partners may not share same vision for business.
Partnership
A foundational component of economics where we have to willing have to accept one outcome over the other when given a series of choices. Tradeoffs are what help in determining these choices.
***THIS QUESTION IS A DAILY DOUBLE***
Opportunity Costs
In this system all have a role and have had it that way for quite some time, perhaps generations and centuries.
Traditional
We use these tables to draw a Supply Curve with inputs and outputs telling us Price (P) and Quantity (Q).
Supply Schedule
These are publicly traded on the New York Stock Exchange (NYSE) and park of Stock Market Game.
Stocks
Liability protections, variety of leadership (smaller corporation), challenges with legal components.
Limited Liability Corporation (LLC)
In this model households provide the factors of production to produce goods and services.
Name the model here.
Circular Flow Model
The "invisible hand" was said to be the primary force in this economy. Adam Smith wrote about it is his Wealth of Nations.
***THIS QUESTION IS A DAILY DOUBLE***
Market (Capitalism)
Producers and consumers are both willing to accept various market conditions in order to make decisions in the market place.
TRUE or FALSE
TRUE
These vary from country to country and are considered "floating" due to changes in the global economy. We use the dollar here in the United States.
Currencies
Tax breaks (lower costs), visionary leadership, serve public interest, profits made with donations or contributions.
***THIS QUESTION IS A DAILY DOUBLE***
Non-Profits/Charities
Between physical items in an economy such as cars and the drivers who use them through various activities both are produced in any economy.
Goods/Services
A system where a central authority, usually government dictates economic activity. Some examples include Communism and Socialism.
Command
In the case of Disneyland tickets, because a change in price did not reflect a change in demand we would conclude that this type of elasticity is present.
(Perfectly) Inelastic
The Federal Reserve manages this and does so via printing money and interest rates.
Monetary Policy
Wealth that is possessed by an individual or
firm within an economy. Wealth can come in many forms to include money, property, or a commodity.
Capital
Land, Labor, Production, and Capital both physical and human are used to produce goods and services in an economy. We call these_________.
Factors of Production
Just like in the board game the goal is the one business wanting to have control over the market often at the expense of consumers within it.
Monopoly
Movement along the demand or supply curve only affects this variable and doesn't cause a shift in the curve overall. This is caused by a change in price.
***THIS QUESTION IS A DAILY DOUBLE***
Quantity Supplied or Quantity Demanded
Used to determine a country's opportunity cost in global trade it terms of what they prioritize with production. Nino and Tony at the pizzeria or France and the US were examples we used.
Absolute/Comparative Advantage
Four Factors of Production
Land, Labor, Capital - Physical & Human, Entrepreneurship