HISTORY+DEFINITIONS
WHO IS ADAM SMITH?
WHAT IS THE FATHER OF ECONOMICS/ THEORY OF THE INVISIBLE HAND
WHAT IS ECONOMICS?
WHAT IS SCARCITY OF RESOURCES
WHERE THE SUPPLY AND DEMAND CURVES MEET
I AM THE NUMBER OF MARKET STRUCTURES DEFINED IN ECONOMICS
WHAT IS 4
I AM PICKING BETWEEN TWO THINGS I LIKE
WHAT IS... OPPORTUNITY COST
WHERE DID ADAM SMITH COME FROM?
WHAT IS ENGLAND
THE INVISIBLE HAND
THE IDEA THAT THERE IS AN 'INVISIBLE HAND' THAT MOVE THE FREE MARKET ECONOMY AND INDIVIDUAL SELF INTEREST OF BUYERS AND SELLERS WILL LEAD TO THE BEST INTEREST OF SOCIETY AS A WHOLE.
WHAT IS PPF?
WHAT IS THE PRODUCTION POSSIBILITIES FRONTIER
I AM A MARKET WITH ONLY ONE SELLER
WHAT IS... A PURE MONOPOLY
I AM THE ECONOMICS THAT IS CONCERNED WITH PERSONAL OR COMPANY FINANCES
WHAT IS MICROECONOMICS
WHAT DOES ECONOMICS MEAN IN GREEK?
WHAT IS THE MANAGEMENT OF THE 'ECO' OR HOUSEHOLD.
THE LAW OF SUPPLY
QUANTITY SUPPLIED OF ANY GOOD INCREASES WHEN THE PRICE OF THE GOOD INCREASES
I AM MORE EFFICIENT IN MY PRODUCTION SO MY PPF SHIFTS
WHAT IS OUTWARDS
I AM PERFECT COMPETITION
WHAT IS... A MARKET WITH MANY BUYERS AND SELLERS
I AM THE IDEA THAT QUANTITY DEMANDED OF ANY GOOD FALLS WHEN THE PRICE OF THE GOOD RISES
WHAT IS THE LAW OF DEMAND
ADVANTAGE: CUSTOMER SATISFACTION IS HIGH
DISADVANTAGE: DOES NOT PROVIDE BASIC NEEDS FOR ALL CITIZENS. NO SOCIAL SAFETY NET.
THE LIKELIHOOD THAT COMPETITION CAN ENTER A PURE MONOPOLISTIC MARKET
WHAT IS... ALMOST IMPOSSIBLE, VERY DIFFICULT
THREE FACTORS THAT CAN SHIFT THE SUPPLY CURVE
PRICES, TECHNOLOGY, NUMBER OF SELLERS, ETC
THERE ARE ONLY A FEW SELLERS IN THIS MARKET
WHAT IS AN OLIGOPOLY
I AM AN UNREALISTIC ECONOMIC ASSUMPTION
WHAT IS... A HEROIC ASSUMPTION
DESCRIBE THE CIRCULAR FLOW MODEL OF THE ECONOMY
WHAT IS MONEY FLOWS FROM PRODUCERS TO WORKERS AS WAGES AND FLOWS BACK TO PRODUCERS AS PAYMENT FOR PRODUCTS, ETC.
I AM THE DIFFERENCE BETWEEN ABSOLUTE AND COMPARATIVE ADVANTAGE
ABSOLUTE ADVANTAGE IS WHEN ONE COMPETITOR CAN PRODUCE AN ITEM WITH FEWER RESOURCES OR MORE EFFICIENTLY. COMPARATIVE ADVANTAGE IS WHEN A COMPETITOR CAN PRODUCE A GOOD AT A LOWER OPPORTUNITY COST THAN ANOTHER PRODUCER
TAXES OR SUBSIDIES
MANY SELLERS BUT EACH ONE HAS A DIFFERENTIATED PRODUCT (BY BRAND, QUALITY, FUNCTION)
WHAT IS MONOPOLISTIC COMPETITION
I AM THE DIFFERENCE BETWEEN A COMPLEMENT AND A SUBSTITUTE OF A PRODUCT WHEN PRICE INCREASES OR DECREASES. GIVE AN EXAMPLE.
SUBSTITUTE: IF PRICE OF A RISES DEMAND FOR B RISES (IPHONE VS. SAMSUNG PHONE)
COMPLEMENT: IF PRICE OF A RISES, DEMAND FOR B FALLS (APPLE MOUSE COST AND KEYBOARD)