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Decisions
Systems
Supply & Demand
Markets
Businesses
Incentives
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

In a monopoly, which of the following usually declines: price or quality?

Quality

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

Governments can lower these as an incentive for businesses to act in certain ways.

Taxes

150

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

Scarcity

150

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

Command Economy

150

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

Complementary Goods

150

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

Monopolistic Competition

150

When one individual runs a business.

Sole Proprietorship

150

When companies are charged for exceeding the permitted amount of carbon emissions; this is what type of incentive?

Negative Incentive

200

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

200
Eliminating social classes and inequalities are the goal of what system?

Communism

200

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

Price Ceiling

200

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

Oligopoly

200

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

200
These are rules by which the government incentivizes better behavior by economic actors to ensure safety, fairness, and etiquette.

Regulations

250

If the price of an item does not influence demand, it is this.

Inelastic

250

French for "let it be," this phrase is used to describe an economic approach where the government does not get involved in the economy.

Laissez-Faire

250

For a price ceiling to have an effect, it must be placed here in relation to the equilibirum price.

Below

250
When a farmer rents out a plot of land for crop cultivation, this transaction is happening on this market.
Factor Market
250

Edgecombe-Martin County Electric Membership Corporation is an example of one of these.

Cooperative (Coop)

250

Discounts and loyalty programs are incentives for them, people who buy goods and services.

Consumers

300

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

300

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

Mixed Market

300

The optimal production output to maximize profits is when marginal cost is equal to what?

Marginal Revenue

300

In a perfect competitive market, goods are what?

Identical

300

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

Stocks

300

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

350

These are the 3 economic questions for producers.

What to produce? How to produce? For whom to produce?

350

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

Adam Smith

350

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

Number of Sellers

350

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

Monopoly

350

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

Horizontal Merger

350

The major incentive for a market economy is to make this.

Profit

500
Nepal's government is literally burning, with its finance minister being whipped in a river by an angry mob. While in the Phillipines protests have erupted as well. Both of these uprisings are responses to economic and political issues, as well as this; the practice among those in power of favoring family with jobs, privileges, and influence.

Nepotism

500

Capitalism is on full display as these cryptocurrencies have been issued by Donald Trump, Melania, the Hawk Tuah girl, and even Doge.

Meme Coins

500

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

500
According to the World Bank, what Southeast Asia country is considered the fastest growing market in the world?

Vietnam

500

This tech company, owned by Alphabet, was recently ruled a monopoly; but a breakup is probably not likely.

Google

500

What year was the current minimum wage of $7.25 per hour set?

2009