Show:
Vocab
Economies
Supply & Demand
Competition
Fun
100
What is Scarcity?
a lack of resources
100
What are the 3 types of economies
Controlled Free Mixed
100
What is the study of economic behavior of an entire society?
Macroeconomics
100
How many types of competition are there?
4
100
How many outs are in an inning of baseball?
6 outs
200
Which type of economy does the government have total control
Controlled Economy
200
What is the relationship between consumers and producers?
Microeconomics
200
What is an example of pure competition?
Foodlion Qiant
200
Where are the Redskins placed in the NFC East?
Last!!!!!
300
What is a free economy
Individuals make economic decisions
300
What type of economy is used in America?
Free or Market Economy
300
What is the law of supply?
As the price increases producers will manufacture more
300
How many businesses offer the same product in a monopoly?
Just one
300
How many years untill Mrs. Hudson retires?
Not soon enough?
400
What is a pure competition? Give an example
Suppliers are unable to offer products that consumers view as unique Grocery stores
400
What is demand?
is the relationship between the quantity of a product consumers are willing and able to purchase
400
What is the law of demand?
price of a product is increased, less will be demanded
400
What type of business are considered and oligopoly?
Airlines Cable services
400
How many toes does Mrs. Hudson have on each foot?
even though her feet are fugly, she has 5 toes on each foot
500
What is Laissez-Faire?
Hands off government
500
What is Supply?
the relationship between the quantity of a product that producers are willing and able to provide
500
What is market price?
Where supply and demand intersect = price of product
500
Many firms competing with products that are somewhat different is?
Monoplistic Competition
500
How many times does Danny get out of his seat during class?
Too many times to count