When the quantity demanded is equal to the quantity supplied.
What is equilibrium?
100
This major historical event which lasted from 1939 until 1945 severely disrupted international trade.
What is World War II?
100
The science that deals with the production, distribution, and consumption of goods and services.
What is economics?
200
The _____ holds that other things equal, as the price of a good rises, its quantity supplied will rise, and vice versa.
What is the law of supply?
200
This factor of production includes physical space on the ground, hills, seas, oceans, air, and underground resources such as oil and minerals, etc.
What is land?
200
The legal maximum that can be charged for a good.
What is a price ceiling?
200
This plan was instituted by the U.S. after World War II and extended “credit” for post-war reconstruction and required borrowing nations to permit free trade.
What is the Marshall Plan?
200
The study of behavior of individual households and firms.
What is microeconomics?
300
As prices go up, this goes down.
What is demand?
300
Man made physical goods used to produce other goods and services.
What is capital?
300
An increase in the capacity of an economy to produce goods and services, compared from one period of time to another.
What is a economic growth?
300
This major trade agreement was signed in 1994 by Mexico, the U.S. and Canada to promote free trade in the region.
What is the North American Free Trade Agreement (NAFTA).
300
The study of the economy as a whole.
What is macroeconomics?
400
As prices go up, this will also go up.
What is supply?
400
The factor of production which deals with the entrepreneur's initial ideas for creating a business.
What is enterprise?
400
Improvements in areas that aim at increase the general welfare of citizens.
What is a economic development?
400
Nearly every country in the world is a member of this international trade association established in 1995.
What is the World Trade Organization?
400
A situation in which the amount of something available is insufficient to satisfy the desire for it.
What is scarcity?
500
The _____ holds that other things equal, as the price of a good or service rises, its quantity demanded falls.
What is the law of demand?
500
An individual's skills, qualities and qualifications is known as his/her _____________ _____________.
What is human capital?
500
A numeric limit on the amount of a particular good that can be imported during a given period of time.
What is a quota?
500
This ancient trade route stretched from the Middle East to China.
What is the Silk Road?
500
The benefit that is lost in making a choice between two competing uses of scarce resources.