Basic Economics
When the demand for a good or service is greater than the availability of the good or service.
what is scarcity
This formula determines revenue
Price X Quantity or P X Q
This is when a few large firms have all or most of the sales in an industry
What is oligopoly
The direct trading of goods and services between people without the use of money
What is barter
Two of the main authors of the Federalist Papers
Alexander Hamilton and James Madison
Someone who buys goods and services
What is a consumer
This degree of price discrimination occurs with a BOGO offer.
What is 2nd degree
This is when firms act together to reduce output and keep prices high
What is collusion
This formula shows profit maximization
What is MR = MC
Things in nature for which man has found a use
What are natural resources
Someone who makes goods or provides services
What is a producer
This is an oligopoly with only two firms
What is duopoly?
This is a branch of mathematics that economists use to analyze situations in which players must make decisions and then receive payoffs based on what decisions the other players make
What is game theory
Money that has been paid to a worker for the amount of time that has been worked
What are wages or salary
This amendment to the Constitution allows most of you to vote
What is the 26th Amendment
Economic system in which the government controls and sets prices
What is communism
This is a game in which the gains from cooperation are larger than the rewards from pursuing self-interest
What is Prisoner's Dilemma?
The four factors of production
What are: 1) natural resources 2) capital
3) labor 4) entrepreneurs
The three basic economic questions each country must ask when developing the economic plan
1) What goods/services will be produced?
2) How will goods/services be produced?
3) Who will consume the goods/services
This Supreme Court Case recognized the First Amendment rights of students in U.S. public schools.
What is Tinker vs Des Moines
Economic system in which maintains a hands-off approach to the economy; minimal involvement
What is capitalism
These are opportunity cost of resources already owned by the firm.
What are implicit costs?
These are out-of-pocket costs for a firm, i.e. for wages and salaries
What are Explicit costs?
This is the formula for price elasticity of demand
What is Percent change in qty divide by percent change in price
% Ch in Qty/%Ch in price
This is Mr. Saenz favorite Marvel character
Who is Wolverine