How many different types of unemployment are there
100
The equilibrium is at 200 items and 5$
What is the Equilibrium?
Supply: Price: Demand:
100 $4 300
200 $5 200
300 $6 100
100
4
How many phases are in the cycle?
100
command and market
What is a mixed economy a combination of
100
4
How many are there
200
frictional
What type of unemployment is a college graduate
200
surplus
What does it mean when your supply exceeds your demand
200
when a recession in one industry leads to a recession in another
What is the ripple effect?
200
Mixed
What type of economy does the U.S. have
200
natural, human, capital, entrepreneurial
Name the factors of production
300
Cyclical
What's the worst type of unemployment?
300
it will go up because the supply is limited
Apple announces they won't make the iphone 7 anymore, what will happen to the price of the iphone 7?
300
1929
When was the last depression?
300
CONGRATS
FREE SPACE, COLLECT ALL THE POINTS
300
utensils, stoves, ovens, plates, etc...
I run a restaurant name a capital resource in my kitchen
400
2%
What is considered a good unemployment rate
400
costumers but more of a good when a price is less than when it is high
What is the law of demand
400
prosperity, recession, depression, recovery
Recite the entire cycle
400
market
What economy is best for entrepreneuring?
400
all components necessary to produce a society's goods and services
Definition of factors of production
500
Structural, can be good because it means technology is advancing
A bank teller was replaced by an ATM and is now unemployed, what type of unemployment is this? Why could this type be a good thing?
500
The amount of a good that you have
What is supply
500
a peak of economic activity, slow down of economic growth, a deep recession that lasts for a number of years and affect everyone, the economy building back up
Explain the cycle (prosperity, recession, depression, recovery)