Show:
Intro to Econ
Microeconomics
Macroeconomics
Micro and Macro
100

What is scarcity?

Limited Resources

100

As price increases, what happens to the quantity demanded?

Quantity demanded decreases.

100
Define Gross Domestic Product (GDP)
Dollar value of all final goods and services produced within a country's borders in a year.
100
Define inflation.
Rise in general level of prices
200
List the factors of production
Land, labor, capital, and entrepreneurship
200
List and explain the 4 major types of economies
Market - economic decisions made by individuals Command - government or central authority makes economic decisions Traditional - Tradition and custom govern economic decisions Mixed - combines elements of all 3 types
200
What is the difference between real and nominal GDP?
Real GDP is adjusted for inflation using a base year set of prices.
200

What is an intermediate good?

A good that is used to produce a final good. An intermediate good is not counted on the GDP.

300

Define Opportunity Cost?

It is the next best alternative when making a decision.

300

Name one factor (determinant) of Supply?

Change in productivity

Change in costs of inputs

Change in the number of sellers in the market

300

What is the formula for the GDP? What does each variable stand for?

C + I + G + NE Consumption, Investment, Government Spending, Net Exports

300

What are the 4 Forms of Competition (Market Structure)? Briefly explain each.

Perfect Competition, Monopolistic Competition, Oligopoly, Monopoly.

400
What are the three key economic questions every society must answer?
What to produce? How to produce? For whom to produce?
400

What is one factor (determinant) of Demand? 

Change in Consumer Taste/Preference.

Change in Consumer Income.

Change in Number of Sellers.

Change in Price of Substitute/Compliment

400

What are the two main causes of inflation?

Cost Push and Demand Pull
400

Give an example of something that is NOT included on the GDP of your specific country?

Intermediate goods, Resale goods, Financial assets, Public or private transfer payments, Goods made in other countries bought by a different country.