Supply & Demand
As price increases, this increases according to the law of supply
What is quantity supplied?
The first person to hold the office of President of the United States
Who was John Hancock? (He was the president of the Second Continental Congress when the Declaration of Independence on July 4, 1776.)
The point where supply and demand meet
What is equilibrium?
According to the Constitution, all federal officials, upon entering into their official duties
What is must swear to protect and defend the Constitution?
The next best alternative given up
What is opportunity cost?
This curve slopes upward
Supply
The earliest schools in America were designed to train young people for this purpose.
What is so they could read and understand the Bible for themselves?
At equilibrium, these two quantities are equal
What are quantity supplied and quantity demanded?
The way our Constitution attempts to control the aggrandizement of power by any one branch of government
What is the system of checks and balances?
Producing at a lower opportunity cost
What is comparative advantage?
A factor that shifts demand
What is income? (or preferences, population, etc.)
The 5 Pillars of exceptionalism are found in this document.
What is The Declaration of Independence?
A minimum wage above equilibrium creates this
What is unemployment (surplus of labor)?
The requirement that must be met to ratify amendments to the Constitution
What is 3/4s majority of the states must ratify?
Producing more output than another country
What is absolute advantage?
If demand increases, equilibrium price will do this
What is increase?
The Declaration of Independence states that the one purpose of government is this.
What is to secure the unalienable rights endowed by the Creator?
A price ceiling below equilibrium creates this
What is a shortage?
To be eligible for election to the (a) House of Representatives and (be) US Senate, a person must be these things.
(a) 25 yrs old and citizen of US for 7+ years, and (b) 30 years old an citizen of US for 9+ years and live in district for both
This curve shows trade-offs between two goods
What is a PPF (Production Possibilities Frontier)?
This occurs when quantity supplied exceeds quantity demanded
What is a surplus?
The American Revolution was formally ended by ____ in _____ (date).
What is the Treaty of Paris in 1783?
When both supply and demand increase, quantity will always do this
What is increase?
The great compromise of the Constitutional Convention of 1787
What is the Virginia Plan, creating a bicameral legislature?
The main benefit of specialization and trade
What is increased efficiency? (or more output)