In a Nutshell
Let's Study
Its Going to be Huge!
Discoveries
Trading Places
100
Tortoise
100
If 2 to 5 firms control a large % of a market, the market is said to be.....
Concentrated
100
The country that has the largest income per person (as measured by GDP per capita in US dollars)
Luxembourg
100
1492, this guy sailed the ocean blue
Columbus
100
Taxes on Imported Goods
Tariffs
200
Walnut
200
•Street Lighting
•Sewage and Waste Disposal
•Firework Displays/Holiday Decorations
These are examples of.....
Public Goods
200
Largest building in the world, at 823 meters.
Burj Khalifa
200
In 1985 this ship was 'discovered' by a U.S. Navy expedition led by Robert Ballard
The Titanic
200
the amount of product you can import into a country at a time
Quota
300
Sea Urchin
300
When an individual makes the correct decision for him/herself, but those prove to be the wrong decisions for the group
negative externalities
300
The highest mountain at 8848 meters.
Mnt. Everest
300
James Watson and Francis Crick in 1953
DNA
300
goods and services purchased from other countries
Imports
400
Armadillo
400
personal costs + external costs
Social Cost
400
It weighs up to 400,000 pounds (approximately 33 elephants) and reaching up to 98 feet in length
Blue Whale
400
The Viking who discovered Greenland
Erik the Red
400
Organization forming a coalition of nations that make rules governing international trade
WTO
500
Chambered Nautilus
500
The aggregate demand formula
AD = C + I + G +(X-M)
500
the world's richest person this Friday morning, with an estimated net worth of $186.3 billion—putting him $300 million above Jeff Bezos and 1 billion above Elon Musk
French fashion tycoon Bernard Arnault, LVMH
500
Whose tomb was discovered in 1922
King Tut
500
The political policy of imposing duties or quotas on imports in order to PROTECT home industries from overseas competition
Protectionism