...Baby, I Got It
Choose Wisely
No, Start Here
The Matrix Reloaded
Johnny Law
200
The law of supply states that higher prices will have this effect on the quantity supplied.
What is an increase?
200
This term collectively describes all the courses of actions from which a person can choose.
What are alternatives?
200
These are the three key economic questions.
200
This economic term describes an economy that uses its resources to make the greatest possible number of goods and services.
What is efficient?
200
Government-printed and -distributed posters to inspire workers to increase their productivity would be most commonly found in this kind of economy.
What is a centrally-planned economy?
400
A natural disaster that causes the supply cost of a good to increase will have this effect on the supply curve for that good.
What is a shift to the left?
400
This phrase describes a government's decision between spending money on a hospital or spending the same amount on border security.
What is "guns or butter"?
400
In determining the optimal level of output, a firm should aim for the point at which this is maximized.
What is profitability?
400
This is the ability of a company to control prices and output.
What is Market Power?
400
This type of government-led financial assistance might be used to decrease the cost of rice production and thereby increase rice supply.
What is a subsidy?
600
The supply curve always slopes in this direction.
What is upward?
600
This is the most desirable alternative given up when choosing one course of action over another.
What is the opportunity cost?
600
In a market economy, these entities convert land, labor, and capital into goods and services.
What are firms?
600
This type of graph illustrates the maximum amount that an economy can produce.
What is a production possibilities curve?
600
The elimination of some or all government rules and restrictions on a given industry is described by this term.
What is deregulation?
800
A rise in the cost of raw materials has this effect on the cost of goods produced.
What is an increase?
800
Deciding whether the benefit of working an additional two hours per day is worth the sacrifice of study time is an example of this type of economic reasoning.
What is thinking at the margin?
800
This doctrine holds that government generally should not intervene in the marketplace.
What is laissez faire?
800
This takes place when producers divide customers into groups based on how much they will pay for a good.
What is price discrimination?
800
Social Security is an example of this type of government-run public support system, which protects people from severe economic harm.
What is a safety net?
1000
This term is used to describe the supply of farm goods such as apples, which responds relatively slowly to changes in consumer demand.
What is inelastic?
1000
This term describes all the alternatives given up when one course of action is chosen over others.
What are trade-offs?
1000
Startup costs, infrastructure investments, and education and licensing requirements are all examples of these market obstacles.
What are barriers to entry?
1000
In general, it is a bad decision for a company to produce more of a good or service if, by doing so, marginal cost exceeds this value.
What is marginal revenue?
1000
This law gave the federal government the power to prevent monopolies and mergers that interfered with trade between states.
What is the Sherman Antitrust Act?