Profits
Refers to the economic problem of having limited resources with unlimited wants
What is scarcity?
These are the factors of production?
What are Labor, Land, Physical Capital, Human Capital?
It's a visual representation of the behavior of consumers
What is the demand curve?
The direct trading of goods and services between people without the use of money
What is barter
A store receives 1000 rolls of toilet paper and 200 people need it. What is the economic term for the amount of product?
What is a surplus?
Someone who buys goods and services
What is a consumer?
Actions done for others in exchange for payment
What are services
This is the other thing that you can do with money besides spending it and saving it.
What is paying taxes?
Goods and services purchased from the overseas sector
What is imports
The satisfaction (in economics) that we get from consuming a product?
π = TR - TC
What is the formula to calculate Profit?
This is an index that shows the prices of commodities.
What is PPI?
What is the definition of GDP.
The market value of all the final goods and services produced within a country in a year.
It's represented by the formula: Nominal Interest Rate - Inflation Rat
What is the real interest rate?
Minimum wage is the most popular form of this type of government intervention.
What is Price control/Price floor?
C + I + G + X
What are the components of the AD curve?
When an item leaves a country it is called this.
What is an export?
Economic system in which barter is used, and agriculture is the main employment
What is a traditional economy
Science that studies the economies of countries and the world.
What is macro economics?
a measure of the average prices of all goods and services in an economy at a specific point in time.
What is the APL?
In a communist country, they own the property.
What is the government?
The economic system in which individuals/businesses decide what, how, and how much will be produced/sold
What is a market economy
Change in cost of items over a period of time.
What is inflation?
The number of summers your instructor has worked for CTY (counting this one)
The cost involved in your decision to purchase something
What is opportunity cost?