Time, Energy, and Material Resources are all limited giving them this economic value.
What is Scarcity?
100
This theoretic study focuses on individual behaviors and particular markets.
What is Microeconomics?
100
The two contrasting extremes expressed when the public has lost faith in the markets or when the public is enthusiastic about the markets.
What is Recession and Expansion?
100
This period in American history is described as a time when markets normalized, cultural and artistic endeavors flourished, and a break from traditions happened.
What is The Roaring Twenties?
100
This federally owned Corporation was chartered by Congress in May 1933 as part of the New Deal.
What is the Tennessee Valley Authority?
200
Every choice you make requires a sacrifice of something else. Giving your time and energy for wages is an example of this.
What are Trade Offs?
200
This is comprised of all of the buyers and sellers of a particular good or service.
What is a Market?
200
Results from a mismatch between market driven labor demands and the existing skills of laborers.
What is Structural Unemployment
200
October 29, 1929
What is Black Tuesday?
200
The three "R"s that Roosevelt focused on in creating the New Deal
What are relief, recovery, and reform?
300
This is what you give up in a trade off. This could be time, or money.
What is Opportunity Cost?
300
When the good or service being bought and sold is highly standardized, the number of sellers is large, and all of the participants are well informed about market price.
What is Perfectly Competitive?
300
Unemployment caused by insufficient demand in the economy to provide every citizen with work.
What is Cyclical Unemployment?
300
Unemployment in the United States reached this staggering number in the year following the stock market crash.
What is 25%
300
This act promoted Labor Unions.
What is the Wagner Act?
400
The assumption that people make choices by weighing the opportunity cost against their personal gain.
What is Rationality?
400
Increase in price falls on this side of the demand curve.
What is the high side?
400
A simple model demonstrating the flow of revenue between services and consumers.
What is the Circular Flow Model of the Economy?
400
The percentage of unemployment in Germany leading to hyper inflation.
What is 33%
400
This act established a minimum wage.
What is the Fair Labor Standards Act?
500
Voluntary trade between individuals leads to a benefit for both parties. This is because individuals differ in their wants and talents.
What is Gains from Trade?
500
The type of goods for which a fall in demand is indicated by a decrease in income.
What are Normal Goods?
500
Defined as a medium of exchange, a unit of account, a store of value, or a standard of differed payment.
What is Money?
500
These two factors are among many attributed to the economic bubble preceding the great crash.
What are underconsumption and overinvestment?
500
This Federal Program paid writers such as Maragaret Walker, Zora Neale Hurston, and Anzia Yezierska to journal the lives of American citizens during the recovery