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A worker loses their job to a machine.
What is technological unemployment?
The period after a recession or depression is called
What is an expansion?
A company with offices in several different countries (Sony, Apple, Amazon) is
What is a multinational?
What is economic politics?
This president is associated with supply side policies.
Who is Ronald Reagan?
A factory expands with a new building, but increases air pollution and noise pollution. This is an example of
What is "negative externality?"
When a small number of companies control an entire industry (soda companies, streaming services, cereal companies)
What is an oligopoly?
The government designates certain impoverished areas to encourage businesses to build there and create jobs.
What is an Enterprise Zone?
Consumer spending + Investment spending + Government spending + (exports - imports)
What is the econometric model?
Higher prices, higher unemployment, and a struggling GDP are examples of this.
What is stagflation?
What is "opportunity cost?"
A construction company lays off most of its employees in wintertime because the ground is frozen. This is an example of
What is seasonal unemployment?
Companies will supply more of their product to the market when prices are higher and less of their product when prices are lower.
What is the Law of Supply?
The largest measure of a country's economic performance.
What is Gross National Product (GNP)?
Healthcare for impoverished people.
What is Medicaid?
Total fixed costs are also known as
What is overhead?
The struggle to attract consumers.
What is competition?
Part-time workers.
What is underemployed?
When companies collude to raise prices above the market price, which hurts consumers.
What is price fixing?
Oil prices go up, or the electric bill goes up and a company raises the prices of its product. This is an example of
What is the cost-push effect?
Gradual wear and tear of capital goods.
What is depreciation?
The accumulation of goods (or money).
What is wealth?
The belief that "the customer is always right."
What is consumer sovereignty?
Costco, Sam's Club, are examples of ______ cooperatives.
What are consumer cooperatives?
Black Friday shopping, hoarding during Covid caused shortages. These are examples of
What is the demand pull effect?