Show:
Fundamentals
Consumerism
Supply & Demand
Health of the Economy
Business & Labor
100
The study of how people satisfy needs and wants using limited resources.
What is economics?
100
Item that lasts longer than 3 years
What is durable good?
100
The father of economics
Who is Adam Smith?
100
Gross Domestic Product
What measures the health of the economy
100
Document that prohibits the making of a product for a certain amount of time
What is a patent?
200
The factors of production
What is Land, labor, capital, entrepreneurship?
200
Protects consumer against faulty product
What is warranty
200
As price increases, demand decreases
What is the law of demand
200
Janet is fired from IBM because of its merger with Hewlett Packard
What is structural unemployment?
200
3 types of business organizations
What is Corporation, Sole proprietorship, Partnership?
300
The 3 types of economic systems
What is Command, Market, Traditional?
300
Money left after taxes have been paid
What is disposable income?
300
QS>QD
What is a surplus?
300
The 4 parts of the GDP formula
What is Consumer sector, Business investment, Government spending, and Net exports?
300
Main danger of sole proprietorship
What is unlimited liability?
400
The main problem in economics
What is scarcity?
400
Equal monthly payments made over time to pay for an expensive item
What is installment plan
400
Where the QD is equal to QS
What is an equilibrium?
400
The phases of the business cycle
What is peak/boom, contraction, trough, expansion/recovery?
400
3 ways imports are controlled
What is Quota, Tariff, Embargo?
500
Choosing to go to USC instead of the Citadel like your father
What is opportunity cost?
500
Gives people the ability to own private property
What is capitalism/market
500
When the price is below the equilibrium
What is a shortage?
500
Recession has occurred
What is a contraction lasting longer than 6 months?
500
A country can produce a product at a lower opportunity cost
What is a comparative advantage?