Trading one thing for another without the use of money
What is bartering?
100
The Law that states that as price increases the Quantity demanded decreases
What is the Law of Demand?
100
The point at which Quantity Supplied equals Quantity Demanded
What is Equilibrium or Market Clearing Price?
100
This term refers to assembly line workers skill at doing one job very efficiently. It causes an increase in productivity.
What is Specialization?
200
The cost of the next best alternative to time, money, goods and services
What is Opportunity Cost?
200
An Economic System where the three Economic Questions of what to produce, how to produce, and for whom to produce are answered using customs from the past.
What is a Traditional Economy?
200
This chart shows the flow of goods and services through an economy
What is the Circular Flow Chart?
200
This type of business offers limited liability to its owners while sharing the work load and profits.
What is a Partnership?
200
In this type of market structure firms are price takers because there are no barriers to entry and products are very similar. It is the opposite of a monopoly.
What is Pure or Perfect Competition?
300
A diagram representing various combinations of goods and services an economy can produce when all resources are fully employed.
What is the Production Possibilities Frontier?
300
An economic system where the three economic questions are answered by a central authority
What is a Command Economy?
300
The amount of a good or service that a producer is willing to produce at a given price level
What is Supply?
300
All decisions that have Opportunity Costs are these by definition.
What are Trade-Offs?
300
An example of this term would be minimum wage.
What is a Price Floor?
400
The man who coined the concept of Laissez-Faire, wrote 'The Wealth of Nations' in 1776, and is considered the father of modern economics.
Who is Adam Smith?
400
An economic system where the three basic economic questions are answered by the consumer
What is a Free Market Economy?
400
THE DAILY DOUBLE!
What are a change in Consumer Income, Number of Buyers, Consumer Tastes, Prices of Complements/Substitutes, or Consumer Expectations?
400
When we think at this, we are considering things incrementally, i.e., one unit at a time.
What is Thinking at the Margin?
400
This point on the Production Possibilities Frontier is where an economy is not using its resources efficiently.
What is Underutilization?
500
Land, Labor, Capital and Entrepreneurship
What are the Factors of Production?
500
An economic system which has elements of a market system and government regulation
What is Mixed Market economy?
500
This is when a government sets a maximum price that a good or service can be sold for.