Decisions
Systems
Supply & Demand
Markets
Businesses
The Business Cycle
Inflation
Macro
Growth
100

The study of the allocation of resources made by people, governments, and countries

Economics

100

Copyrights, patents, and deeds are examples of what market economic concept?

Private Property

100

What determinant impacted the change in demand when Coca-Cola brought back their original formula after widespread anger over New Coke?

Consumer Tastes

100
When a farmer rents out a plot of land for crop cultivation, this transaction is happening on this market.
Factor Market
100

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

100

This is the lowest stage of the business cycle.

Trough

100

This usually happens during a contraction, when the general prices of goods and services decline.

Deflation

100

The process by which jobs are sent overseas usually for cheaper cost

Outsourcing

100

A nation's total yearly output of goods and services; the best indicator for a country's economic health.

Gross Domestic Product (GDP)

200

This economic principle arises from the fundamental reality that resources are limited while human wants are virtually unlimited.

Scarcity

200

Central planning, quotas, and directives are associated with this market structure.

Command Economy

200

If the price of mobile phones increase and the demand for game apps decrease; it is because the apps are this.

Complementary Goods

200

In this market structure, there are many varieties of a similar product with differentiated prices based on input costs, branding, and demand.

Monopolistic Competition

200

When one individual runs a business.

Sole Proprietorship

200

This part of a business cycle is caused by a falling demand, which decreases supply, and slows down economic production.

Contraction

200

What occurred in Germany and Hungary where prices rose extremely high and fast, devastating the economy.

Hyperinflation

200

This type of unemployment occurs because of the usual economic upturns and downturns; which causes a decrease in demand, which causes workers to be laid off.

Cyclical Employment

200

The Gross National Happiness Index was created in 1972 by the King of this Asian country.

Bhutan

300

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

300
Eliminating social classes and inequalities are the goal of what system?

Communism

300

In 2023, the Inflation Reduction Act capped monthly insulin prescriptions at $35 per month. What type of control is this?

Price Ceiling

300

In this market structure, firms can collude and have a huge influence over setting prices.

Oligopoly

300

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

300

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

300

A period of rising inflation, a slowdown in productivity, and high unemployment is known as what?

Stagflation

300

Nominal GDP can be seen as deceptive because it hasn't been adjusted for this.

Inflation

300

This sector or industry is filled with tertiary jobs, and a sign that a country is highly developed.

Service

400

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

400

A minimum wage is usually most prevelant in which market structure?

Mixed Market

400

The optional production output to maximize profits is when what two factors are equal?

Marginal Cost = Marginal Demand

400

In a perfect competitive market, goods are what?

Identical

400

To raise funds, a corporation will sell shares of their business to investors; what are these shares called?

Stocks

400

This period of the business cycle is where demand and productivity increase.

Expansion (Prosperity or Recovery)

400

This index studies the prices of a market basket of goods in order to measure inflation.

Consumer Price Index (CPI)

400

How do you measure net exports?

$ Exports - $ Imports

400
Using the World Systems Theory, what kind of country is dependent on and exploited by more developed nations?

Periphery

500

These are the 3 economic questions for producers.

What to produce?

How to produce?

For whom to produce?

500

He argued that in capitalism, the invisible hand would guide the market to the benefit of everytone.

Adam Smith

500

What determinant affected the supply when OPEC implemented an embargo on the United States?

Number of Sellers

500

A producer usually has the greatest influence on price in what market structure?

Monopoly

500

When Exxon Corporation joined with Mobil Corporation, both major players in the gas and oil industry, what kind of merger was this?

Horizontal Merger

500

What was the unemployment rate in the United States for December 2023?

4.2%

500

What type of inflation occured after WWII where consumer demand exploded after being delayed due to wartime, as well as the returning workforce, which led to increased employment and rising wages.

Demand-pull inflation

500

Name one measurement that isn't included in the Gross Domestic Product.

Intermediate goods, Goods and services produced out of the country, Unpaid services, Illegal goods and services, Transfer payments

500

The best indicator to use when measuring a country's prosperity for its population rather than total output.

GDP Per Capita