VOCABULARY
How society uses limited resources to satisfy unlimited wants
What is economics?
The four factors of production are
Land, labor, capital, and entrepreneurship
This economic system is based on ritual or heritage
Traditional
When BP and Shell merged is this type of merger
Horizontal Merger?
The natural rate of unemployment is
What is 4-6%
First President who has won a grammy
Clinton
The cost of the next best alternative
Opportunity Cost
Using up goods and services to impress others
What is conspicuous consumption?
The Saturn plant in Spring Hill will be categorized as
What is capital?
Give an example of command economy?
What is Cuba or North Korea?
The owners have limited liability?
What is corporation?
Food labels or minimum wage are examples of
What is economic equity
Was featured on the cover of Cosmopolitan
Ford
If the shape of the PPC is concave, then the opportunity cost is
Increasing
The total amount of final goods and services produced in a given year
GDP
Give one example of land
What is oil?
Change can happen quickly?
What is command?
When a small company is bought by a larger company
What is acquistions?
I decided to change careers
What is economic freedom
Head cheerleader in high school
W: Bush
If there is a point on the PPC, what does this mean?
Fully efficiency, fully employed
Creating goods and services
What is production
The skill, effort, and ability is referred to as
What is labor?
There is limited choice
What is traditional?
What is to help or improve society?
Disability or Unemployment are examples of
What is economic security
Served as Chief Justice on the Supreme Court
Taft
What would cause the entire curve to shift to the right?
New technology, quality of resources, or quantity of resources
The sum of people's efforts, abilities, and skills.
What is human capital?
Money is which factor of production?
What is none?
Profit motive and private property are key characteristics of this system
What is market?
When 3 or more mergers occur, this is referred to as
What is a conglomerate?
A declining GDP for six consecutive months is
What is recession?
Filed a UFO sighting
Carter
When constructing a PPC, what are the 4 assumptions?
1. 2 Products
2. Fixed Tech
3. Fixed Resources
4. Fully efficient, fully employed