Decisions
The study of the allocation of resources made by people, governments, and countries
Economics
Copyrights, patents, and deeds are examples of what market economic concept?
Private Property
What determinant impacted the change in demand when Coca-Cola brought back their original formula after widespread anger over New Coke?
Consumer Tastes
The main benefit of a corporation or LLC is this, where the investor and owner's private assets are not at risk if the company fails.
Limited Liability
This is the lowest stage of the business cycle.
Trough
Where do most banks get the funds to give loans, make investments, and put down money in Federal Reserve branches for interest?
Deposits
Governments can lower these as an incentive for businesses to act in certain ways.
Taxes
These are organizations that work to improve the working conditions of their members.
Labor Union
A share of ownership in a company.
Stock
This economic principle arises from the fundamental reality that resources are limited while human wants are virtually unlimited.
Scarcity
Central planning, quotas, and directives are associated with this market structure.
Command Economy
If the price of mobile phones increase and the demand for game apps decrease; it is because the apps are this.
Complementary Goods
In this market structure, there are many varieties of a similar product with differentiated prices based on input costs, branding, and demand.
Monopolistic Competition
When one individual runs a business.
Sole Proprietorship
This part of a business cycle is caused by a falling demand, which decreases supply, and slows down economic production.
Contraction
If there is a greater possibility that a borrower will default on their loan, this will be higher: the charge for having access to money.
Interest Rate
Discounts and loyalty programs are incentives for them, people who buy goods and services.
Consumers
The main tool of labor unions, where they negotiate better benefis, pay, working conditions, and other job-related matters so that all members enjoy them.
Collective Bargaining
Payment made to a shareholder by the company.
Dividend
The concept that forces individuals and societies to make choices about how to use their resources by measuring their decision by what the next best alternative is given up.
Opportuntiy Cos
Communism
In 2023, the Inflation Reduction Act capped monthly insulin prescriptions at $35 per month. What type of control is this?
Price Ceiling
In this market structure, firms can collude and have a huge influence over setting prices.
Oligopoly
What type of business where you own the store, but not the rights to the name, trademarks, food, or other items that are licensed to you?
Franchise
A significant decline in economic activity that lasts for a certain amount of time (some measure 2 quarters, or 6 months). There was a big one in 2008.
Recession
What kind of bank is not a corporation, has lower interest rates, is non-profit, and is member-owned?
Credit Union
Regulations
Ocean Spray and Land O'Lakes are these, which are organizations that perform an economic activity for the benefit of its members. (Ex. Consumer, Service, Producer)
Cooperatives
A debt obligation issued by a company to raise money. Eventually the obligation would be bought back with interest after maturity.
Bond
On a micro level, this can be done by businesses to create more efficiency for specific tasks. It can also be done by countries because they have a advantage in the production process. Ex. Poultry, Sweet Potatoes, and Furniture in North Carolina
Specialization
A minimum wage is usually most prevelant in which market structure?
Mixed Market
The optional production output to maximize profits is when what two factors are equal?
Marginal Cost = Marginal Demand
In a perfect competitive market, goods are what?
Identical
To raise funds, a corporation will sell shares of their business to investors; what are these shares called?
Stocks
This period of the business cycle is where demand and productivity increase.
Expansion (Prosperity or Recovery)
When money leaves circulation, such as when people put their money in a savings account.
Leakage
This is a financial support to a business or individal by the government for a specific purpose; such as paying interest on student loans while the holder is still in school or when companies invest in renewable energy.
Subsidies
A legal entity that is organized to protect a public benefit and does not distribute excess money to private individuals. (Ex. American Red Cross, Habitat for Humanity, the ASPCA, St. Jude Hospital, and most charities and churces)
Nonprofit
A moral hazard is when a party lacks the incentive to protect their investments or spending choices due to being protected from consequences. Banks sometimes do this when they are bailed out. In this situation, parties are not deterred by this - the possibility of a negative outcome. Something all investors need to consider.
Risk
These are the 3 economic questions for producers.
What to produce? How to produce? For whom to produce?
He argued that in capitalism, the invisible hand would guide the market to the benefit of everytone.
Adam Smith
What determinant affected the supply when OPEC implemented an embargo on the United States?
Number of Sellers
A producer usually has the greatest influence on price in what market structure?
Monopoly
When Exxon Corporation joined with Mobil Corporation, both major players in the gas and oil industry, what kind of merger was this?
Horizontal Merger
Usually we only know when this, the most productive point of a cycle, occurred after the fact; when the economy shows indiciations of a slowdown.
Peak
What is the name (or acronym) of the agency that insures member banks' deposits up to $200,000?
Federal Deposit Insurance Corporation (FDIC)
The major incentive for a market economy is to make this.
Profit
The US Postal Service and the Social Security Administration are what type of entities.
Government Agencies
The S&P 500 is this, where the performance of the stock market is measured by the tracking of a collection of stocks.
Index
Spain
What Scandinavian country did a two year trial for universal basic income, finding that people were happier, but less likely to find a job; among other mixed results.
Finland
In 2024, the weakened demand for electric vehicles has caused an increase in supply for this metal; leading to falling prices; but overall, there is a fear of future shortages causing international disruptions.
Lithium
Vietnam
This tech company, owned by Alphabet, was recently ruled a monopoly; but a breakup is probably not likely.
What is the current unemployment rate in the United States?
4.3%
The central bank of what country introduced negative interest rates in 2024 to combat deflation and stimulate economic growth? Mainly due to its aging population, high public debt, and declining productivity.
Japan
Which global tech giant decided to shift its manufacturing operations from China to India, citing supply chain reliability?
Apple
In January, Goldman Sachs was the victim of this, which lead to widespread disruptions across the world.
Cyberattack
This is the most exspensive stock in the world, currently at $709,000 per share.
Berkshire Hathaway