Supply and Demand
The point where supply and demand meet.
What is Equilibrium?
A single producer with many buyers.
What is a Monopoly?
The system that is also called communism.
What is a Command system?
Land, Labor, Capital, and Entrepreneurship
What are the Factors of Production?
"I am Groot."
What is Guardians of the Galaxy?
When the price of a good rises, consumer desire for that good will decrease.
What is the Law of Demand?
Factors that hinder new comers trying to enter the market.
What are Barriers to Entry?
This system is also known as Capitalism.
What is a Free-Market system?
All decisions involve this.
What are Trade-Offs?
"On Wednesdays, we wear pink."
What is Mean Girls?
When the price of a good rises, producers will create more of that good.
What is the Law of Supply?
A theoretical market with thousands of small, independent firms.
What is Perfect Competition?
A system in which the government owns all the means of production.
What is a Command system?
The most desirable alternative given up as a result of a decision.
What is Opportunity Cost?
"Do, or do not, there is no try."
What is Star Wars Episode V: The Empire Strikes Back?
When supply is high, but demand is low.
What is a Surplus?
Examples of this structure include airlines, soft drinks, and internet providers.
What is an Oligopoly?
In this system, the government regulates competition but self interest drives the economy.
What is a Mixed system?
The ability to make a product at a lower opportunity cost.
What is Comparative Advantage?
"I believe whatever doesn't kill you, simply makes you...stranger."
What is the Dark Knight?
Consumer income, price of a substitute good, price of a complementary good, number of buyers in the market, and expectations about future prices.
What are the Determinants of Demand?
A structure that has hundreds to thousands of firms, low barriers to entry, and little to no market power.
What is Monopolistic Competition?
This system is run by laissez-faire economics and the invisible hand.
What is a Free-Market system?
What is the Production Possibilities Curve?
"Anyways, you need people of intelligence on this sort of mission... quest... thing."
What is Lord of the Rings: The Fellowship of the Ring?