What is Econ?
This is the fundamental problem of economics and describes the fact that all resources are limited in quantity.
What is scarcity?
This is the one that has a downward sloping curve.
What is the demand curve?
These are the 3 types of business organizations.
What are sole proprietorships, partnerships, and corporations?
Someone who is actively seeking a job, but does not have one.
What is unemployed?
Most income for state, local, and federal governments come from this.
What are taxes?
This term is refers to the idea that nothing is free.
What is opportunity cost?
As price increases, the quantity demanded decreases.
What is the Law of Demand?
These are the 3 types of economic systems.
What are traditional, market, and command?
This occurs after 6 straight months of declining GDP.
What is a recession?
This is a number used by lenders to judge how reliable of a borrower you are.
What is a credit score?
These are the 4 factors of production.
What are land, labor, capital, and etrepreneurship?
State what will happen to the demand curve for Wendy's:
Consumers are trying to be more healthy and know that fast food leads to weight gain.
Demand will decrease. Curve shifts to the left.
These are the 4 types of market structures.
What are perfect competition, monopolistic competition, oligopoly, and monopoly?
Counted or not counted in GDP:
A Honda vehicle produced in Lincoln, Nebraska.
Counted
This describes the cost of borrowing money and is written as a percentage.
What is an interest rate?
This is the name of the graph that illustrates opportunity cost.
What is a production possibilities curve?
State what will happen to the supply curve for Wendy's:
A harsh storm wipes out a significant portion of potato and wheat crops.
Decrease in supply. Curve shifts left.
This is who determines the prices of goods and services in a market economy.
What are consumers?
What is not included in the GDP?
Anything outside of the countries borders or that is a used product.
This is the riskiest type of investment.
What are stocks?
This describes the practice of letting workers repeat the same tasks over and over in order to become more proficient.
What is specialization?
State what will happen to the demand curve for Wendy's:
McDonald's increases its prices on all menu items.
Demand increases. Curve shifts to the right.
This was the first antitrust act used to limit monopolies.
What is the Sherman Antitrust Act?
A cashier who loses her job due to a recession is considered this.
What is cyclically unemployed?
The federal income tax is this type.
What is a progressive tax?