Vocabulary
Bits and Pieces
Factors of Supply and Demand
Econ Basics
Economic Principles
Labor
100
This is the study of how societies use resources given that they have to make choices in a world of scarcity.
What is economics?
100
These are resources or factors of production.
What are land, labor, capital, entrepreneurship
100
This is the only factor that causes movement on a curve.
What is price?
100
shelter, food, water, love
What are needs?
100
This occurs when deciding to add one more additional resource.
What is marginal thinking?
100
They supply labor.
What are employees?
200
These are guaranteed prices to farmers.
What is a price floor?
200
This occurs before government steps in to provide a necessary good or service.
What is a market failure?
200
Silly bands, Yugioh cards, fidget spinners
What are examples of trends?
200
This is the motivating force in the free market.
What is competition?
200
This occurs when customers can't find enough ripped jeans to purchase.
What is a shortage?
200
A wage floor for wages.
What is a minimum wage?
300
If you want to lower your costs you probably need to lower these.
What are variable costs?
300
The city beautifies your neighborhood by planting shade trees; your property value goes up. This is the result.
What are positive externalities?
300
In this factor, the price of one causes the demand of other to shift.
What are compliments?
300
This graphic shows alternative ways to use an economy's productive resources
What is a production possibilities curve?
300
This occurs when there are limited resources but unlimited wants.
What is scarcity?
300
The cashier at Home Depot loses his job because of a self checkout terminal.
What is structural unemployment?
400
This is the most highly valued choice given up in order to do something else.
What is opportunity cost?
400
This happens when the % change in quantity demand is greater than the % change in price?
Elasticity of Demand
400
A rightward shift of a supply curve occurs due to this.
What happens when supply increases?
400
The phenomenon where people's wants and needs are provided by the marketplace w/out govt intervention.
What is the Invisible Hand?
400
The point on the business cycle when the economy shrinks.
What is contraction?
400
Education, skill, productivity, derived demand
What determines the difference in wage rates?
500
What is the circular flow of economic activity?
500
This occurs when the additional product of labor decreases as # of workers increases.
What is the Law of Diminishing Marginal Return
500
This is the name of a good or service purchased when our income goes up.
What is a normal good?
500
What are the "Three Economic Questions?"
What should be produced?
How should it be produced?
For whom should it be produced?
500
This citizen always uses government services but never pays for them.
What is a free-rider?
500
This exists with a price floor.
What is a surplus of labor?