Economic Reasoning
This factor is the basis of economics
What is scarcity?
Making money is one part of this incentive
What is self-interest?
A method of direct exchange
What is barter?
This shifts a supply or demand curve
What is determinant?
A certificate of deposit account is this a kind of this method
What is savings?
This sector is likely to give bad service
What is public sector?
The idea that money is backed by belief & trust
What is fiat?
This measures the price effect
What is elasticity?
Method of risk management
What is diversification?
Graph that shows possible output of 2 products
What is production possibility curve?
Entity that answers the 3 economic questions in a command economy
What is government?
The price point where both buyers and sellers agree on quantity
What is market equilibrium?
The number of shares traded per day
What is volume?
Ability to produce a particular product at a lower opportunity cost
What is comparative advantage?
Buying a kidney is legal in this type of market
What is pure market economy?
The government can step in and regulate this
What is negative externality?
Government imposed minimum price of a product
What is price floor?
What is dividends?
A cost that has already happened, can't be recovered
What is sunk costs?
Model of a market economy
What is circular flow?
Function of money that eliminates the "double coincidence of wants"
What is medium of exchange?
The result when prices are priced too high
What is surplus?
Companies with assets worth over $2 billion
What is large cap?