1
The amount of good available to a buyer
Supply
What is on the x and y axis of a supply and demand graph?
Price on y
Quantity on x
The price of the next best alternative when one choice is made rather than the other
Opportunity Cost
What does GDP stand for?
Gross Domestic Product
The term for when the government does not interfere with the economy?
Laissez Faire
What will the increase of demand do to the price?
It will go up
The fundamental problem of economics is...
Scarcity
Giving up one alternative for another is called... (Hint: Not opportunity cost)
Trade off
Who answers the basic questions in a command economy?
The Government
You choose to go to the mall instead of studying for your ECON final. What is the opportunity cost of this decison?
A bad economics grade
If the supply of an item decreases, what happens to the price?
It will go up
The resources used to make all goods and services is called
Factors of Production
What does GDP measure?
The total amount of money spend on goods and services
The type of unemployment where people lose their jobs to a new technology
Structural
What does the "X" stand for in the GDP formula
Exports
What type of economy does the USA have?
Mixed
The cashier at Walmart is an example of what kind of resource?
Human resource - labor
What does "Real GDP" account for?
Inflation
The type of unemployment that happens due to a recession?
Cyclical
What was the main characters name in "The Founder"
(First and Last)
Ray Krock
What are the three basic economic questions everyone must answer?
What to produce?
How to produce?
For whom to produce?
What are the four factors of production?
Land, Labor, Capital, Entrepreneurship
Name one negative effect of a high unemployment rate has on the economy
Decrease in the money circulating in the economy
What does the "C" stand for in the GDP formula
Consumer Spending
What color shirt did I wear yesterday?
Blue