Vocabulary
A general increase in prices over time.
Inflation
What is something that is manufactured/created in the United States and then shipped out to another country?
Exports
When only a few firms dominate the market structure
Oligopoly
According to the Law of Demand, "As price of the good or service increases demand for that product..."
Decreases
A continual rise over time in a nation’s production of goods and services would be called what?
Economic Growth
A means of preventing a product or service from freely entering a country
Trade Barrier
Give 2 characteristics of a Monopoly market structure
Give an example of a land resource
Anything that comes naturally from the Earth
A benefit gained when a choice has been made.
Example: The Federal government will pay 50% of your cost if you purchase solar panels for your home.
Incentive
Name 2 of the 4 Factors of Production
Land, Labor, Capital, and Entrepreneur
Give 2 characteristics of a Monopolistic Competition
Many buyers and many sellers, similar substitutes
The difference between fixed costs and variable costs is that
fixed costs remain the same; variable costs depend on how much is produced
_________ is the total amount borrowed by the federal government.
National Debt
An _________ is a limit on the amount of a specific good that can be imported.
Import Quota
Give an example of Capital from the 4 Factors of Production
Machines, warehouse, computers, trucks, planes
What are the two basic tools that the federal government uses to influence the economy?
Taxing and Spending