Final Date: Friday May 17, 2024
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| What is the difference between shortage and scarcity? | show 🗑
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| show | Land, Labor, Capital, and Entrepreneurship
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| What is an entrepreneur? | show 🗑
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| show | If you choose between two summer jobs, the one you do not choose is the opportunity cost of your decision.
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| show | Everyone’s resources are limited
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| show | The line on a production possibilities curve showing the relative amounts of two types of goods produced using all resources.
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| What is the law of increasing costs? | show 🗑
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| When is an economy working at full efficiency? | show 🗑
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| show | All resources are limited
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| show | Capital
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| show | Helps you determine some of the opportunity costs for your decision
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| What does the factor of production land include? | show 🗑
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| The three basic economic questions are based on what? | show 🗑
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| To improve their standard of living, what must a nation do? | show 🗑
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| What are traditional economies? | show 🗑
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| What do people supply in return for factor payments? | show 🗑
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| show | Households
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| What do consumers do when the price is raised? | show 🗑
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| show | Competition and self-interest
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| show | Competition encourages innovation, which causes growth
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| show | Some free market practices can combine with central economic planning
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| What is the United States a mixed economy? | show 🗑
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| show | Make sure exchanges are fair, no gouging
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| show | Energy, military, waste management, and education
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| show | The central government makes all economic decisions
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| What happens to a product when it goes on sale from the consumer’s point of view? | show 🗑
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| show | They produce more
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| What are the 3 basic economic questions? | show 🗑
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| What was Adam Smith’s idea on how the economy would regulate itself? | show 🗑
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| What is a traditional economy? | show 🗑
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| Why do we create a market demand schedule? | show 🗑
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| show | Demand for a product rises when the price of the product falls
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| If prices rise and income stays the same, what is the effect on demand? | show 🗑
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| How does the substitution effect work when the price of an item drops? | show 🗑
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| What does it mean to have demand? | show 🗑
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| show | As prices rise, or incomes fall, consumers replace more costly goods with cheaper alternatives.
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| show | A shift in the demand curve by helping to create fads and trends
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| show | Demand for a good will go up if its price is expected to rise
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| How does an increase in population affect the demand curve? | show 🗑
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| What effect does the availability of many substitutes have on the elasticity of demand for a good? | show 🗑
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| show | It's difficult to stop producing when it starts producing
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| What does inelastic demand mean? | show 🗑
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| What is total revenue? | show 🗑
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| show | Desire for the good and money to buy it
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| show | Some producers produce less, and others drop out of the market
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| What is a supply curve? | show 🗑
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| show | Some produce less, and others leave the market
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| show | Set production at the point where marginal revenue equals marginal cost
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| When should a factory that is losing money stay open? | show 🗑
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| How is profit determined? | show 🗑
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| How does specialization affect production? | show 🗑
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| show | The good becomes more expensive to produce
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| How does new technology affect production? | show 🗑
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| show | To keep food supplies up
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| show | Rent
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| show | It increases until quantity demanded equals quantity supplied
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| What is the government's goal in buying excess crops or other agricultural products? | show 🗑
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| What happens when a market is in disequilibrium and prices are flexible? | show 🗑
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| show | To keep the goods from becoming too expensive
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| What happens to the price of a good when there is excess demand? | show 🗑
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| How does a firm respond to higher demand? | show 🗑
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| What is market equilibrium? | show 🗑
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| show | Meet tremendous shortages
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| show | Business profits
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| How does rationing encourage black markets? | show 🗑
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| How does the free market benefit from the profit incentive? | show 🗑
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| According to Adam Smith, what motivates people to provide goods and services? | show 🗑
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| show | The sole proprietor
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| What are the major disadvantages of a sole proprietorship? | show 🗑
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| show | It is the least-regulated form of business organization
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| What advantages does a partnership have over a sole proprietorship? | show 🗑
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| show | Built in reputation, quality is the same, national advertising
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| What are the differences between horizontal and vertical mergers? | show 🗑
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| What is the function of a consumer co-op? | show 🗑
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| show | They are tax free
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| show | All of the partners
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| Why does the government watch mergers? | show 🗑
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| show | Sole proprietorship
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| show | The fact that money can withstand the wear and tear that comes from being used over and over again
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| show | Money can easily be divided into smaller units of value
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| What is the difference between representative and fiat money? | show 🗑
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| show | If we could not carry money with us, it would be hard to use
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| show | Representative
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| show | It is often not portable, durable, or divisible
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| Why did the Federalists favor a national bank? | show 🗑
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| During the Free Banking Era, banking in the U.S. was dominated by what? | show 🗑
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| show | The Federal Deposit Insurance Corporation
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| show | High interest rates, bad loans, and fraud
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| Why was the 1st Bank of the U.S. established? | show 🗑
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| What happened to the gold standard during the Great Depression? | show 🗑
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| What is the difference between how simple and compound interest are paid? | show 🗑
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| show | A cooperative lending institution for a particular group
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| How does a bank make profits? | show 🗑
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| show | They are available whenever the account holder wants them
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| show | Banks keep some money on hand and lend out the rest
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| show | They feared the wealthy would use it to increase their power
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Created by:
NoahTownsend
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