The basic economic questions in the United States are mainly answered by them
Who are the people
100
An increase in the cost of input prices
What is shifting supply left
100
-protects consumer rights
-creates rules to limit the power of companies
-ensures free and fair competition among firms
In a mixed economy like the US, the ______ will fill the roles listed above.
What is the government
100
If there is a shortage in a market, the price is likely to move in this direction
What is UP
100
Ebay and Auctions are examples of competition between these players in the economy.
What are consumers
200
The economic system in which the government has the most control over a country’s economy?
What is command economy
200
When the current price is above the equilibrium, this will be created
What is a surplus
200
This was the first major government law in the U.S. to limit monopolies
What is the Sherman Anti Trust Act
200
Minimum wage laws are an example of this type of price control
What is price floor
200
He said this " “FROM EACH ACCORDING TO HIS ABILITIES, TO EACH ACCORDING TO HIS NEEDS”
Who is Karl Marx
300
This economic system is characterized by competition between businesses
What is market economy
300
The adjustment process in a competitive market moves prices towards this
What is equilibrium
300
These are in place to ensure that there is competition in industry
What are antitrust laws
300
An increase in price of good X causes a decrease in demand for good Y. Goods X and Y are considered to be this.
What are complimentary goods.
300
Competition among different stores leads them to offer you these in order to get you to buy their goods
What are incentives
400
This economic system is characterized by people relying heavily on hunting and farming.
What is traditional economy
400
Rent control laws are an example of this
What is a price ceiling
400
These types of firms will usually produce more output at lower prices
What are competitive firms
400
Nike takes over Adidas. The brand of Adidas is eliminated. All of the Adidas capital is converted to make Nikes. Gaining market power in this way is called this..
What is Acquisition
400
Competition among firms often result in 3 benefits including these
What are: lower prices, more selection, better quality
500
A characteristic of this type of economy is when Companies are inefficient, they risk going out of business
What is market economy
500
Change in consumers’ income
Change in consumers’ taste
Change in a price of a substitute or complimentary good
These are ways this can happen
What is shift D curve
500
This is when two or more companies agree to come together to form one larger company
What is a merger
500
When there is a lot of competition between consumers, the price of the good will usually do this..
What is Rise (go up)
500
Adam Smith wrote this book about capitalism in 1776