"oh, it does that?"
Vaccines are a classic example of this
positive externality
"people make decisions and act in their own self interest"
Many producers, Identical products, easy entry, no control over prices
"as the price of a good or service rises, the quantity supplied by producers increases"
What is the Law of Supply?
This factor of production deals with equipment, tools, vehicles, and machines.
What is "capital"
When the supply of this decreases, the price of all shipped items inevitably goes up.
What is Diesel?
In this economy, Governments make all economic decisions.
"What is a Command Economy"
The "Big Three" automakers in the USA are an example of...
"an oligopoly"
"as prices rise, consumers buy less; as prices fall, they buy more"
What is the Law of Demand?
This factor of production is directly affected by immigration.
What is labor
The pollution generated by personal automobile travel is...
a negative externality
According to Adam Smith, this was the "wealth of nations"
the labor of its people
Standard Oil Corporation's control of the petroleum market in the early 20th century is an example of...
"a monopoly"
When price does or doesn't affect the demand or supply of a specific product or service.
What is elasticity?
This factor of production deals with rent and the costs of built structures
What is Land?
Mass-produced goods in an economy benefit from.
What are Supply Chains
The result for consumers when there is little-to-no competition amongst producers
producers can control prices // price inevitably goes up
This is the way economists describe the failure of a market to allocate goods and services in the most efficient way.
What is a Market Failure
Price greatly affects the demand and supply of this good or service
elastic good
When the supply of this goes down, wages will have to go up to meet demand.
What is "labor"
As a negative externality, it is the greatest threat to human existence, economic structures, governments, health and wellbeing.
(Anthropogenic) Climate Change
These two systems were a direct response to the system of capitalism.
When you buy gas, eat at a restaurant, shop at a store you are doing business with this structure.
What is Monopolistic Competition
Gasoline is a prime example of
In an economics sense, the countryside is prime for ranching and farming because...
the cost of land is cheaper.