Unit 1
This is the study of how people make decisions with unlimited needs and wants based on scarce resources.
What is Economics?
This is the first step of personal budgeting.
What is listing out all of your bills?
This supply side effect refers to the idea that when employees are paid well they may be motivated to work harder and produce more.
What is Productivity?
The government uses this to regulate and stabilize an economy through the use of taxes and regulation.
What is Fiscal Policy?
This is the concept that resources are limited in a society.
What is Scarcity?
This type of economy is based on the idea of private property, allows supply and demand to set the economy's prices, and does not use government intervention.
What is Market Economy or Capitalism?
A retirement fund that you can set up through your place of work and the company will match your contributions.
What is a 401k Account?
This is the person's desire to buy any given product.
What is Demand?
Both Demand- and Supply-Side economists argue that this will help when an economy starts to slump into a recession.
What is lower taxes?
The two factors found on any Supply Curve and/or Demand Curve graph.
This is the next best choice someone could make with their limited resources.
What is Opportunity Cost?
This is a market that has been going up for several months or years in a row.
What is a "Bull" Market?
This is the amount of a good available to consumers.
What is Supply?
This is a tax on imported or exported goods.
What is a tariff?
This is a market structure that is dominated by a few large firms, has companies that sell identical goods, and other producers have great difficulty getting into the market.
What is Oligopoly?
WHAT should be produced, HOW should it be produced, and FOR WHOM should it be produced for?
This is the idea of spreading your funds over a large amount of stocks.
What is diversification?
This is the term used to describe the extra cost of producing one additional unit of output.
What is Marginal Cost?
What is high unemployment, high inflation, and low economic growth?
The point at which the Demand Curve and Supply Curve intersect is referred to as this.
What is Equilibrium?