Unit 1
The four factors of Production
What is Land, Labor, Capital, and Entrepreneurship?
the combination of quantities of a good someone will buy over a range of prices.
What is Demand?
more output is produced with the same amount of input.
What is productivity?
gives the owner the exclusive rights to their invention or idea.
What is a patent?
medium of exchange
What is money?
a decline in real GDP combined with a rise in the price
What is Stagflation?
a required payment to a local, state, or national government.
the spread of the flow of financial products, goods, and technology.
What is globalization?
Meet the unlimited wants and needs of society.
What is the main economic question?
the higher the price the lower the desire
What is the law of demand?
change in price causes a large change in quantity supplied.
What is elastic supply?
recognizable sign, design, or expression that identifies products or services from a particular source.
What is a trademark?
standardization of money in any form.
What is currency?
a period of macro-economic growth followed by a period of contraction.
How many limits to taxing power exist?
What is four?
Country meeting certain socioeconomic criteria.
What is a developed nation?
Loss of life, market crashes, negative consequences
What are negative externalities?
Haigen Das is on sale for $2.99 this week at Publix. It's normal price is $5.99 This is an example of?
What is an elastic good?
Monetary value of a good or service
The entity that provides patents, copyrights, and trademarks to firms and entrepreneurs.
What is the government?
a moneyless economy that relies on trade
How many types of unemployment are there.
What is four?
Income, property, good, or service that is subject to a tax.
What are tax bases?
A country that does not meet the socioeconomic criteria.
What is a developing nation?
The total access of goods and services in a country in one year
What is GDP?
Graph showing the quantity demanded of a good at each possible price that might prevail in the market.
What is a demand curve?
What is rationing?
gives the owner the rights to distribute, adapt, display, and perform their creative work.
What is a copyright?
an asset
What is near money?
general increase in price
What is inflation?
The tax structures are________________________
What are proportional, progressive, and regressive?
Goods and services that are produced in one country and sold to buyers in another.
What are exports?
limited, few, high demand.
What is Scarcity?
The theme of Unit 2
What is status?
Ticket master prohibits Beyonce concert tickets to be sold for more than $1000.
What is price ceiling?
The theme of unit 3
What is entrepreneurship?
the theme of unit 5
What is value?
index determined by measuring the price of a standard group of goods.
What is cost?
Each entity should produce the good for which there is a lower opporunity cost than other products.