A
Name for the abstract "market" where factors of production like land, labor, and capital are sold
Factor Market
The degree to which buyers and sellers respond to price changes. I'll give you a hint, it's another word for stretchiness like a rubber band. Or just think of Elastigirl from the Incredibles
Elasticity
When is your next day off?
October 12
(Blanks) of supply are the factors that can cause the supply curve to shift left or right. An example of one of these is technological improvements
Determinants of Supply
It's the measure of how efficient a person, machine, system etc. is at making something
Productivity
It's not *really* a curve, more like a line. But it's a graph that measures demand at various quantities and prices
Demand Curve
The amount businesses pay for resources to produce goods and services
Cost of Production
Heads or Tails?
Tails never fails
When producers pay for it, it's cost. But when consumers pay it, it's called what?
Price
Aside from price, the (blanks) of demand affect how much a product or service is demanded. Some examples include changes in income, an increase or decrease in consumers, or substitution of products
Determinants of Demand
The quantity of a good or service that consumers are willing AND able to purchase at various prices is called what?
Demand
This kind of incentive is a reward, like if I gave you candy for cleaning up after yourself before you leave class. Or if your business gets a tax break for donating money to charity
Positive Incentives
What's the theme for tonight's football game?
Dolly Parton/Working 9 to 5
The idea that consumers rule and ultimately determine what gets produced and sold
Consumer Sovereignty
(Blank) Improvements are changes that improve a firm's ability to produce due to improved processes, machines, etc.
Technological Improvements
This kind of incentive is a punishment or a penalty. Like getting flagged by the referee for pass interference and is meant to keep you from doing something. Or if a business has to pay a fine for polluting
Negative Incentives
A business's (Blank) is it's Revenue (money from sales) - Costs. Example: If I made $100 worth of lemonade sales and it cost me $40 to set up the lemonade stand, I would have a (blank) of $60
Profit
Going into Week 3, this NFL Quarterback is the league leader in passing yards
Tyler "The New Drew Brees" Shough
This is the word for the income a business makes off of sales of goods or services provided
Revenue
The movement of output or income from one sector of the economy to another
Circular Flow
How many students are enrolled in this class? You have 5 seconds to answer.
23 in 1st block, 14 in 3rd, 15 in 4th