IV
If supply shifts left, what will happen to price?
It will increase
List one thing that would extend a market
Something that involves connecting groups of people/facilitating exchange
Mr. Best's age
(Sorry Jack)
33
Satisfaction
Utility
If your model has these assumptions then it is very far from reality
STRONG assumptions
What's the place called where supply and demand intersect?
Equilibrium
Name a good with inelastic demand
Oil, water, something like that.
First name of Mr. Martin (he told you)
Len
MP + MU =
V or Value
If your model has these assumptions then it is pretty close to reality
weak assumptions
The market for stuff
Product Market
Where do we go to exchange surpluses?
A Market
Name one of FDR's vice presidents
Henry Wallace, Harry Truman, John Nance Garner
V + time =
PV or present value
This is the basic cost of making ANY AND ALL choices. Whatever the value of the next best option is the cost of choosing the option you have chosen.
Opportunity Cost
Scientists have just discovered that eating salmon will prevent cancer. What will happen to the supply and demand graph for the poor salmon?
Demand shift right
This type of economy, roles are passed down from generation to generation
Traditional
What is the Fort Ann mascot?
Cardinals (the bird, not the catholics)
PV + risk =
EPV or expected present value
When we weaken assumptions, we say that we are ________ them
relaxing
If I'm the government and I want to generate revenue, I should tax a good with ______ demand
Inelastic
This type of money has value b/c the government says so
Fiat money
What is the Indian Hill mascot?
(you're welcome, Jack)
They don't have one
While marginal productivity is eventually decreasing, marginal utility is __________ decreasing
Always
All other things being equal or held constant
Ceteris Paribus