Econ 101
Economics is the study of how people make these, under the conditions limited resources.
What are choices?
This is the law of demand.
What is when price goes up, the demand for a product will go down. When price goes down, the demand for a product will go up.
This type of business organization is the easiest to start up and the most common in the United States.
What is a sole proprietorship?
This is a type of market in which one firm dominates.
What is a monopoly?
These are the three criteria of effective taxes.
What is Equitable, Easy to understand, and Efficient?
A decrease in purchasing power, or condition in which goods become more expensive is called this.
What is inflation?
The Irvine Civic Center is located at these two major cross streets.
What are Harvard and Alton?
These are the four factors of production.
What are land, labor, capital, and entrepreneurship?
This is the law of supply.
What is the higher the price, the greater the quantity of products supplied and vice versa.
This type of business organization involves two or more individuals sharing the profits as well as the liability for the company.
What is a partnership?
This is a market in which there are a few firms of producers.
What is an oligopoly?
This is the name of the organization that is responsible for collecting and administering tax laws in the United States.
What is the Internal Revenue Service (IRS)?
This independent agency made up of 12 regional banks helps to regulate the U.S. economy.
What is The Fed(eral Reserve)?
This disease, which is primarily found in Central and West Africa, has seen an uptick in cases in the United States in May.
What is monkeypox?
In economics, this is the term for the condition in which people have unlimited wants but limited resources.
What is scarcity?
This is the term for a point in which the quantity supplied meets the quantity demanded.
What is equilibrium?
This type of spending is required by LAW that the government allocate federal funding for mandatory expenditures (Social Security, Medicare).
What is Mandatory Spending?
In perfect (pure) competition markets, there are none (or very few) of these factors that prevent newcomers from entering into the marketplace.
What are barriers to entry?
This type of tax is implemented at the same rate for every person, no matter their income.
What are proportional taxes?
This is used to measure the rate of inflation in the U.S. economy.
What is the Consumer Price Index?
This city was the original capital of the United States of America.
What is Philadelphia?
This is the next best alternative to the chosen option.
What is opportunity cost?
What are elastic goods?
This type of government spending requires that Congress approve each year which organizations and agencies they CHOOSE to fund.
What is Discretionary Spending?
This is a type of organization in which a business licenses it's operations including products, branding, and knowledge, for a fee.
What is a franchise?
This type of tax takes a larger percentage of income from low-income earners than from high-income earners when applied uniformly.
What is a regressive tax?
These are two of the three functions of money.
What are mediums of exchange, stores of value, and unit of account?
Before moving to Los Angeles, the "Lakers" franchise was founded in this city as a member of the National Basketball League (NBL).
What is Minneapolis?
This is an economic system that relies on customs, history, and time-honored beliefs.
What is a traditional economy?
This is the term for when the quantity demanded is greater than the quantity supplied.
What is a shortage?
A majority of the United States annual spending goes to this category, more than any other country in the world.
What is Defense?
This refers to combinations, conspiracies or agreements among a market with few sellers to raise or fix prices in order to increase profits.
What is collusion?
This type of tax imposes a lower tax rate on low-income earners than on those with a higher income. It is the type of tax system used by the United States to collect income taxes.
What is a progressive tax?
This type of legislation allows for new employees to choose whether or not to join a union.
What are right-to-work laws?
This actress played Princess Mera in the film Aquaman, staring Jason Mamoa.
Who is Amber Heard?
This is a graph that shows all the different combinations of output of two goods that can be produced using available resources and technology.
What is the Production Possibility Curve (Frontier)?
This is a type of government imposed regulation that prevents prices for goods/services from rising above a certain level.
What is a price ceiling?
This is the largest source of revenue for the U.S. government.
What are individual income taxes?
This is the term for a formal organization of producers that agree to coordinate prices and production.
This type of tax is levied on goods and services that are deemed harmful to society. The hope is that with a tax, it will lead to fewer people engaging in these activities.
What is a sin tax?
This type of legal tender is a government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it. The U.S. dollar is an example of this.
What is fiat money?
This is the current Speaker of the House of Representatives.
Who is Nancy Pelosi?