Show:
Chapters 1&2
Chapters 3&4
Chapters 5&6
Chapters 7&8
Chapters 9&10
100
Adam Smith
Who is the father of economics
100
Decisions about production and consumption are made by a powerful ruler or government.
What is a Command Economy
100
The quantity of a good or service that consumers are both willing and able to buy at various prices.
What is demand
100
A single producer supplies a product with no close substitutes.
What is a monopoly
100
A business owned and managed by one person.
What is sole propietorship
200
The exchange of one benefit for another that is thought to be better
What is tradeoff
200
Custom and tradition dictate what to produce, how to produce, and for whom.
What is a traditional economy
200
The quantity of a good or service producers are willing and able to offer for sale at various prices
What is supply
200
Many producers supply an identical product.
What is perfect competition
200
Business owned by two or more co-owners
What is partnership
300
Anything used to produce something else.
What is a resource
300
Economic decisions are left upto the individual consumer or producer.
What is a market economy
300
Price at which quantity of a product demanded by consumers equals the quantity supplied by producers.
What is equilibrium price
300
Goods or services used collectively and in which no one is excluded.
What is public goods
300
An organization that does not operate for a profit.
What is nonprofit organization
400
As quantity consumed increases, satisfaction decreases
What is the Law of diminishing utility
400
When someone can produce a good or service using fewer resources.
What is an absolute advantage
400
The price a willing consumer pays to a willing producer for the sale of a good or service.
What is market price
400
anything owned to which a amrket value can be assigned.
What is assets
400
nonwage compensations offered to workers in addition to pay
What is fringe benefits
500
Land, Labor, and Capital
What are the three factors of production
500
When a good or service can be produced at a lower oppurtunity cost.
What is a comparative advatage
500
Economics
What class is this
500
Acceptability, Scarcity, Portability, Durability, Divisibility, uniformity
What are money's six characeristics
500
Relocating work or jobs to another country
What is offshoring