WorksheetsShort Review that is Short
Total questions: 20
Worksheet time: 8mins
F.A. Hayek
Thomas Sowell
Biden
Bush
Benny Hill
Supply
Demand
Demand
Supply
shift in supply
shift in demand
equilibrium point
All economics values are --2--
subjective
an entrepreneur's prediction of the subjective values of potential customers
objective
Cornelius Vanderbilt
Andrew Carnegie
Henry Ford
John D Rockefeller
John D. Rockefeller
Henry Ford
Cornelius Vanderbilt
Andrew Carnegie
Henry Ford
Cornelius Vanderbilt
John D. Rockefeller
Andrew Carnegie
Andrew Carnegie
Henry Ford
John D. Rockefeller
Cornelius Vanderbilt
fiat money
representative money
real money
coins
tokens
fiat currency
real money
Steve Jobs
Bill Gates
Trade is made of ---
win
services and not goods
When the price increases demand goes down and when the price decreases demand goes up - ceteris paribus.
law of demand
law of supply
When the price people are willing to pay increases the suppliers are willing to supply more. When the price people are will to pay decreases the suppliers are not willing to supply as much as before - ceteris paribus.
Law of Supply
Law of Demand
We are not asked to value all of the goods and services or resources in the world for the sake of economic analysis. In economics analysis we value goods, services and resources by the usefulness to us at in the right quality in the right amount, at the right time and under the right circumstances to us according to or subjective valuations.
Labor Theory of value
Cost Theory of value
Intrinsic Theory of value
Marginal Utility
The four factors of production. --4--
Capital
Labor
Resources (land)
Entrepreneurship
Advertising
When Mexicans buy American corn and Americans buy Mexican avocadoes this trade is because both nations are benefiting from ---.
absolute advantage
the World Trade Organization
