Economic Basics
The opportunity cost of returning a book without finishing it
What is finishing the book
This happens to the demand curve for swimwear during a blizzard.
What is "It shifts to the left"?
This agency is credited with a 60% drop in workplace fatalities since 1971.
What is OSHA (Occupational Safety and Health Administration)?
The term for relying on others to produce most goods and services.
What is economic interdependence?
This entity has the most responsibility for monetary policy in the U.S.
What is the Federal Reserve Board?
The concept that explains why we can’t have everything we want.
What is scarcity?
A decrease in raw material costs results in this for soccer balls.
What is an increase in supply?
State and local governments typically rely on these taxes to fund public services.
What are property and sales taxes?
This is why most sales taxes are considered regressive.
What is "Poorer people spend a larger proportion of their income on taxable goods"?
The prices in perfect competition are determined by this.
What is supply and demand?
The economic term for deciding whether to buy one more item.
What is thinking at the margin?
The term for when supply matches demand in a market.
What is market equilibrium?
Programs like food stamps and unemployment benefits are examples of this concept.
What is income redistribution?
This is the political motive for imposing an embargo on another country.
What is to influence their politics?
This explains why most communities have only one electricity provider, allowing a monopoly.
What is economies of scale?
This person is an innovator, strategist, and risk-taker in economics.
Who is an entrepreneur?
This concept explains why a toy becomes less exciting when a child already has many toys.
What is diminishing marginal utility?
This is the leading source of revenue for the federal government.
What are individual income taxes?
A German student paying tuition to a U.S. college is an example of this.
What is a U.S. export?
The term for a decline in economic activity lasting at least six months.
What is a recession?
These are the three fundamental economic questions every society must answer.
What are "What to produce, how to produce, and for whom to produce"?
In this type of competition, prices are determined by supply and demand.
What is perfect competition?
Enjoying your neighbor’s garden without maintaining it yourself is an example of this economic concept.
What is an externality?
The type of trade supported by the majority of economists.
What is free trade?
This office protects intellectual property in the U.S.
What is the U.S. Patent and Trademark Office?