Show:
Who Wants to be a farmer?
Organs & Chocolate
Guns & Butter, Baby
Give to Ceasar what is Ceasar's!
Shipwrecked!
100
a market structure where one business controls the market.
What is a monopoly
100
a business organization where only one person owns the company
What is a Sole Proprietorship
100
the graph labeled 'D" that slopes down from left to right
What is demand
100
How the government make is money; revenue
What is taxes
100
limited resources
What is scarcity
200
differentiated products; like hamburgers, tacos, chinese food; all fast food just a little different
What is a characteristic of monopolistic competition
200
a business organization that is a "body", or entity, with shareholders, a CEO, and can issue stock.
What is a corporation
200
a curve that lets you compare the opportunity costs of making 2 products
What is PPF Curve
200
What does our government spend (expend) the highest percentage of money on
What is social security
200
choices that we have to make because of scarcity
What are trade-offs
300
where 2 - 4 firms dominate the market; 60% share; cell phone; automakers
What is an oligopoly
300
a business organization where two or more people own the company
What is a partnership
300
the point inside a production possibility frontier
What is inefficient
300
the index that adds the value of the final products made in a country in a given year. Helps understand the health of an economy.
What is GDP
300
What, How, and for Whom
What are the 3 economic questions every society must ask. *even our island
400
where a business tries to get you to buy their product over another company.
What is competition
400
benefits from work other than salary; a car, use of a vacation home, chocolate, buffets, country club membership
What are fringe benefits
400
the point where supply and demand intersect
What is equilibrium
400
our nations central bank
What is "The Fed"
400
where workers join together to help better pay, working conditions through collective bargaining; can strike, protest; peak during world war 2
What are Unions
500
where the government allow for the company to compete with "monopoly-like power"; patent; license; trademark; copyright;
What is a government monopoly or natural monopoly
500
when the government intervenes in business; corporation are the most regulated; sole proprietorships are the least
What is regulation
500
minimum wage set above equilibrium price
What is a price floor
500
15.9 trillion deficit
What is the status/number of the US budget
500
Adam Smith
Who is the father of modern economics