Gov. and Economy
What is Michigan's minimum wage?
$12.48/Hour
As the price of a good rises, people may seek an alternative product due to the cost increase. This is known as:
Substitution Effect
The United States has the highest GDP in the world. What nation is currently second?
China
According to the law of demand, as prices increase the quantity demanded will ________.
Decrease
This generation has caused the most shift in demand in recent history.
Baby Boomers
Nation that produces the most oil in the world (as of 2022).
United States
The higher the price, the lower the quantity that people will buy is known as:
The Law of Demand
The period of expansion or contraction of GDP is known as:
business cycle
An increase in the number of suppliers in a market causes the supply of that good to __________.
Increase
Monopolies can charge high prices due to lack of ____
competition.
Economic indicator that is used to measure the total output of a country's economy; specifically total goods & services produced.
GDP
The "Invisible Hand" in the economy is
Competition
Gross Domestic Product (GDP) measures the total value of all final ___ & ___ produced in the nation.
goods & services
When the price of a good increases, the quantity supplied will ___________.
Increase
The United States is a ___ economy.
free market
Factors of __________ include natural resources, capital, labor, and entrepreneurship.
Factors of Production
Before markets existed, this economy was the norm.
barter/traditional economy
Shortages of goods & services is historically common in this type of economic system.
Communism
Technology used in producing a goo typically tends to __________ production costs.
Decrease
The study of economy-wide phenomena, including inflation, unemployment, and economic growth.
Macroeconomics
Government payment or incentive intended to get producers to supply a certain product/service.
Subsidy
When making an economic choice, the option you didn't choose or next best alternative is known as the _________.
opportunity cost.
When a few companies control a large market share of an industry.
Oligopoly
The government can impact or shift the supply of products by using three different tools. What is one?
Taxes, subsidies, regulations
Decade that President Eisenhower created the Interstate Highway System.
1950s