Economics
Limited availability of materials or resources
Scarcity
Opportunity Cost is the cost of the next best alternative (True or False)
True
As prices increases, demand decreases
Law of Demand
The total value of all goods and services produced within a country
GDP (Gross Domestic Product)
Reason why "off-brand" products are cheaper than "name-brand"
Off-brand does not market (no advertisements)
The study of human actions, decisions, and resource management
Economics
The opportunity cost of staying home today
Education
Jeopardy
As price increases, supply also increases
Law of Supply
Economic structure of the USA
Mixed Economy
The process of how goods/ services are produced, delivered, and made available to consumers.
Supply Chain
Entities that purchase goods and services
Consumers
Opportunity cost can only be measured in money. (True or False)
False
The point at which supply is equal to demand
Equilibrium
A cause of a recession/ depression
Decline in Consumer Spending
Decreased Business Investment
Exports Decline
Rising Production Costs
Natural Disasters
Banking Crises
Geopolitical Events
Government agency that regulates the economy
The Federal Reserve (FED)
Entities that make the goods and services
Producers
The opportunity cost of going directly to college after high school instead of the workforce
Immediate Money
A price change leads to a change in demand
Elastic Demand
Price stays the same while reducing size/ quantity
Shrinkflation
Cause of the 2007/ 2008 Recession
Housing Crisis (Money lent for homes to people that could not afford it)
One reason why we study economics
Make Informed Decisions
Efficient Resource Management
Fixing Market/ Government Failure
Another name for opportunity costs
Trade Off
A price change does not lead to a change in demand
Inelastic Demand
One cause of inflation
Demand Pull (Demand exceeds production)
Cost Push (Production costs increase)
Built In (Wages/ Standard of living increases)
When inflation is high, the government does this to discourage borrowing
Raise Interest Rates