Basic Economics
What are the factors of production?
Land, Labor, Capital, Entrepreneurship.
What are the 2 types of monopolies?
Vertical and Horizontal
What are the 3 types of taxation?
Regressive, Proportional, Progressive
The system where countries tied their currency values to the US dollar following WWII was known as...?
The Bretton Woods System
What is scarcity?
All resources are limited.
What does it mean to hold a stock in a publicly traded company?
It means you own a certain percent of that company and allows said company to use your money to reinvest for future growth.
What happens to the price of goods when the supply goes down but demand remains the same?
Prices go up
The Neoliberal Order sought to promote what?
Free trade and deregulation.
What is a production possibilities frontier?
It is a graphical depiction that compares how much you can produce of 2 competing goods.
What would be an example of a "Monopolistic Competition" market?
Coffee shops, Grocery products, Fast food, Clothing stores, etc...
What is a sole proprietorship?
A business structure owned by a single individual.
What is GDP?
The measure of a nations total value in goods and services.
What is an opportunity cost?
The loss of potential gain from other alternatives when one alternative is chosen. (The cost of the next best thing given up when making a choice)
If a company owns all of the steps in the process of making their product (from ground to grocery store for example), what kind of monopolization process would this be?
Vertical
How does a corporation differ from a partnership in terms of collateral losses?
In a corporation, no-one is responsible for collateral losses (loss of personal assets) in the event of a business failure.
When you can produce something more efficiently than another producer.
What are the 3 functions of money?
Medium of Exchange, Store of Value, Unit of Account
What is a natural monopoly?
A monopoly (typically owned by the government) that has such high barriers to entry, that it would be impractical or necessary to have competition.
In percentage terms, how much wealth do 170 million Americans own (50% of America)?
2-3%
Shipbuilding, Steel, Food, Concrete, Semiconductors, etc...