Supply / Demand
A stock of a resource from which a person or place can be provided with the necessary amount of that resource.
Supply
What is an Incentive?
Something that motivates a person to do something
This is the struggle and regulating force among various producers for the consumer's business
Competition
One type of market structure
Monopolistic Competition, Oligopoly, Monopoly and pure/perfect comp.
What is one example of Macroeconomics?
GDP, unemployment, inflation, interest rates.
The price is said to be at equilibrium when it meets these two objectives.
when the supply of a product matches the demand for the product.
What is a Economic Incentive?
Financial motivation for people to take certain actions
Competition and self-interest are two important forces in this economic system.
Free market
What is an Oligopoly?
A few very large sellers that dominate the industry
What is one example of Microeconomics?
consumer spending, business investment, production, prices of goods/services.
This exists when the quantity supplied exceeds the quantity demanded at the price offered
Surplus
What are two examples of negative incentives?
Fines, Fees, Dock in pay, Demotions, or Tickets
A college degree is an example of this form of capital
Human Capital
What is one example of an Oligopoly?
What are the four stages in a business cycle?
Expansion, Peak, Contraction and Trough
This term is used to describe when the amount of a good or service that a consumer is willing and able to buy at various possible prices during a given period of time
Demand
If we are producing two items in an economy and we decide to increase the production of one over another, what increases? This can be seen with a production possibilities graph.
Opportunity cost
In the Dog and Wolf story we read in class, the dog represented which type of economic system?
Command economy
What is a monopoly?
Only one seller of a particular product dominates the market with at least 75% control
What are stock indexes?
Stock Indexes are statistical measurements that track stock prices over time to give an idea of the well-being of the stock market as a whole. (ALONG THE LINES)
Draw the supply and demand curves including these seven words: Price, Quantity, Supply, Demand, Surplus, Shortage, and Equilibrium
Instructor
What is a profit incentive?
The driving force of capitalism and the ability to accumulate wealth.
In a free market economy, goods and resources are distributed using this
Price
What is a Government Monopoly?
A government agency that is the sole provider of a good or service and competition is prohibited by law.
What is the difference between Bull market and Bear market?
Bull Market → Stock prices rise and investors expect economic growth.
Bear Market → Stock prices fall and investors expect economic decline.