Show:
Fundamental Economic Concepts
Microeconomic Concepts
Macroeconomic
Concepts
International
Concepts
Personal
Economics
100
Unlimited wants but limited resources
What is scarcity?
100
Consumer's desire and ability to purchase a good or service
What is demand?
100
Four types of unemployment
What is cyclical, structural, seasonal, and frictional?
100
Limit on goods
What is a quota?
100
Document stating terms and conditions of a contract
What is a policy?
200
Person who takes a risk to make a good or service
What is an entrepreneur?
200
Something that replaces another object
What is a substitute?
200
Unemployment because of a recession, depression, or trough
What is cyclical unemployment?
200
Tax on imported goods
What is a tariff?
200
Amount of money you pay for insurance
What is a premium?
300
Tools or machinery used to make goods and services
What is capital?
300
Rising general level of prices
What is inflation?
300
Nations refuse to trade with one another
What is an embargo?
300
Rent or car note
What is a fixed expense?
400
Investment in education or training
What is human capital?
400
Free grant
What is a subsidy?
400
Stages of the business cycle
What is peak, trough, recovery, contraction, expansion, and prosperity?
400
Specific guidelines on imports
What are standards?
400
People who earn less money pay higher sales tax
What is regressive tax?
500
Four factors of production
What is capital, entrepreneurship, land, and labor?
500
Study of behavior of small economic units
What is microeconomics?
500
Factors included in gross domestic product
What is consumer spending, investment, gorvernment spending, exports, and imports?
500
Quotas, tariffs, embargoes, standards, and subsidies
What are trade barriers?