Unit 1 A
If I have a choice of getting a hair cut or getting my nails done, what is the opportunity cost of getting my new hair cut?
getting my nails done
The type of economy that allows for market-like actions but also has some government interaction.
mixed economy
This is an example of companies/industries that have an oligopoly.
coke and pepsi
airlines, car companies
An increase in demand is a shift in this direction.
right
There are 3 affects to having international ports and international corporations in Ga is that?
higher GDP, More employment, more population, lighter transportation
When doing marginal analysis I want the relationship between marginal cost and marginal benefit to be what
MC</=MB
This economy adjust to consumer wants.
market/mixed economy
A house utility is an example of which type of monopoly
natural monpoly
change in quantity supplied
On the circular flow model the individuals supply and businesses demand in this market
resource
Give an example of how someone can improve their human capital.
education, training, experience
This type of economy allows for businesses to keep the majority of its revenue.
mixed
I would like to create a business but I do not want all of the responsibility to fall on my shoulders, I also prefer to not be sued if something goes wrong. I really just don't want to run the business at all, but get the financial benefit of it.
corporations/silent partnership
A decrease in supply shifts the supply curve this way.
left
Explain how quota systems benefit business in the U.S.
limit imports more business for them higher prices.
What is the difference between specialization and division of labor?
DoL is breaking up the task to make it more efficient, specialization is picking a job that best suits your skill set and trading for those things you cannot make yourself.
Give an example of a mixed economy
answers will vary
If I have 2 companies that have all of the characteristics of perfect competition except identical products this is called what?
monopolistic competition
A surplus is when this happens
quantity supplied is higher than the quantity demanded.
Fiscal policy is when the government changes these 1 or both of 2 things?
spending and taxation
The type of economy that allows the buyers and sellers to make all of the decisions.
market economy
Give an example of a command-like economy
vietnam, china, soviet russia, mongolia, cuba, venezuela, cambodia, north korea
A farmer's market is an example of this type of competition.
perfect
Minimum wage is an example of this government action. (creates this on the supply and demand graph)
price floor
It is called this when the government spends more than it brings in of tax revenue.
deficit