Opportunity cost is involved with all choices individuals make because of ?
What is scarcity?
100
Invisible Hand Theory
Who is Adam Smith?
100
Supply goes up and demand goes down
What is price goes down and quantity stays the same.
100
You fill out this form when you first get a job.
What is a W-4 form?
100
When satisfaction decreases over time.
What is diminishing marginal utility?
200
Inflation, unemployment, and overall production in the economy are of most concern in this type of economics.
What is macroeconomics?
200
Communism
Who is Karl Marx?
200
Supply goes down and demand goes down.
What is price stays the same and quantity goes down.
200
What's the rule for dependents? *State 3 of the 4 parts of the rule.
What is they must live with you for 6 months or more, you support them by at least 50%, they must be a US citizen, and they cannot claim themselves on their own return?
200
The demand for red roses on Valentines Day is known as this type of economic term.
What is inelastic?
300
The process of choosing which needs will be satisfied & how much of your resources will be used is called ?
What is allocation?
300
Believed in laissez-faire style of economics.
Who is Milton Friedman?
300
Supply goes up and demand stays the same.
What is price goes down and quantity exchanged increases.
300
State the difference between a direct and indirect tax and give an example.
What is direct goes straight to the government and an indirect goes through a middle-man first? Direct - income tax; indirect - sales tax.
300
Few firms producing the same type of good or differentiated type of good.
What is an oligopoly?
400
The four types of economic systems are ?
What is traditional, command, market, and mixed?
400
Wrote a book with Karl Marx?
Who is Friedrich Engels?
400
Demand goes down and supply stays the same.
What is price goes down and quantity exchanged decreases?
400
You get this in the mail from your employer by January 31st in order to do your tax return.
What is a W-2 form?
400
Ford Motor Company merging with a steel mill is this type of merger.
What is a vertical merger?
500
The three basic economic questions every economy must answer are ?
What is "what will be produced", "how will it be produced" and "for whom will it be produced"?
500
Supply stays the same and demand stays the same.
What is price and quantity exchanged stay the same?
500
An income tax is a direct tax and this type of tax.