The value of the next best alternative is called...

Shaakira is weighing her options for spending her time after school. She decides to attend the basketball game. In making this choice, she chose not to spend that time doing homework, spending quality time with her friends, and studying for any of her finals. We call this a(n)...

Studying incentives helps economists

The lack of which of the following represents a scarcity?

Which type of economy is known for using the barter system?

Which type of economy relies entirely on the “invisible hand” to guide the decisions of buyers and sellers to the benefit of the entire economy?

Which type of economy allows the government to control all the means of production?

Which type of economy best describes the United States?

Which of the following best describes the similarities between traditional economies and command economies?

In this type of economy there is no private ownership of property?

To an economist, land means

Kiley went to school to become a doctor. She attained her degree and clinical experience. Kiley has invested in which factor of production?

Trees used to make paper are considered which factor of production?

An automobile factory purchases a new assembly line for its production. Which factor of production has this factory invested in?

The Production Possibilities (PPF) measures

An efficient economy is one that

For both the supply and demand curves, changing only the price results in

What is the Law of Supply?

Which of the following pairs of goods are complements?

What is the difference between a normal and an inferior good?

A tornado destroys sugar crops, What happens to the demand for sugar?

The price of gum increases. If mints and gum are substitutes, what happens to the market for mints?

Candy factories across the nation bought new robots that can wrap the candy more quickly than ever before. What will happen to the market for candy bars?

If the Quantity Supplied (QS) = Quantity Demanded (QD), there is a(n)

If the Quantity Supplied (QS) > Quantity Demanded (QD), there is a(n)

If the Quantity Demanded (QD) > Quantity Supplied (QS), there is a(n)

For most product and services, an increase in PRICE results in

For most products and services, an increase in PRICE results in

Based on the graph, when supply shifts to the left, the quantity supplied

Based on the graph, when demand shifts to the right, the quantity demanded

Minimum wage is an example of a(n)

The government usually sets price ceilings primarily to benefit

According to the Law of Diminishing Marginal Utility, oftentimes consumers

What's the difference between revenue and profit?

Which of the following market structures contains a few major producers in the market?

In which of the following market structures is there a completely unique product?

In which of the following market structures are there identical products

Which of the following market structures contains the highest level of competition?

Nate owns his own business selling paintings and other art supplies. He's the sole owner and assumes all profits and losses of the company. What type of business organization does Jimmy have?

Caleb and Michaela both become lawyers and decided to run their own law firm; essentially having two or more owners split profits and losses. This best represents a...

These businesses have their stock available for purchase and anyone can become a shareholder. They face heavy taxation and close government regulation.

If you wanted to open one of these business organizations, you would purchase exclusive trademark rights and policies from a parent company. Then you would open a brick and mortar recognizable to the public because it's already an established brand. A perfect example could be McDonald's...

Unions use this tactic to negotiate with employers:

Streetlights, flood control systems, and fresh air are all known as...

When entrepreneurs start their own businesses and own their own company completely, they are organized as a

a hierarchical business with shareholders is usually called a

Famous Annie's Grocery Store requires its employees to join a union a few months after they're hired. This setup is called a(n)

Which of the following is an example of a professional labor job?

Which of the following is an example of an unskilled labor job?

Which of the following is an example of a skilled labor job?

I once worked at Toys "R" Us loading and unloading trucks, I needed less than 30-days of training. What type of labor is this?

Two friends of mine took two different career paths. One became a police officer and studied at the police academy. Another took on an apprenticeship to become an electrician, focusing on the skilled trades. What type of labor do these best represent?

Someone that receives more than 30-days training, but less than a year and requires some skill best represents which labor?

In order to be a teacher, I attended a 4-year university, but entered in a 5-year program earning a Bachelor's degree in both Social Studies and History, thus allowing me to teach both subjects. Then, I studied for 2-years to be an Administrator, taking on some internships. What type of labor do I represent?

GDP is meant to measure a country's

Clara just got laid off by her company. Recently, many firms across the nation have laid people off as well. Clara is now having a hard time finding a job because few companies are hiring. What type of unemployment is Clara facing?

Jose recently graduated with his Mechanical Engineering degree. He’s now looking for a job and applies daily to a variety of companies. He’s looking for the “right fit.” What type of unemployment is Jose facing?

Angel works at a beautiful resort during the summer, but understands that she will only work until the first week in September. Now she’s looking for another part-time job. What type of unemployment is Angel facing?

Aubrey went to college and earned a bachelor's degree in chemistry. Now she's working at the local fast food restaurant. How would economists label her situation?

Countries with an absolute advantage producing every product should produce all their own products and stop trading with other nations.

This refers to the average increase of prices across an economy in a given month or year.

The additional tax placed on imported goods.

If this economy were to shift production from 0 guns to 50 guns, what would the opportunity cost be?

If this economy were to shift production from 15 units of butter to 40 units of butter, what would the opportunity cost be?

If this economy were producing 125 guns and 65 units of butter, what situation would the economy be experiencing?

If this economy were producing 50 guns and 20 units of butter, what situation would the economy be experiencing?

The cost of producing corn increases due to some sort of natural disaster, say a bad dust storm. Corn is used to make cereal. What happens to the market for cereal today?

The cost of producing corn increases due to some sort of natural disaster, say a bad dust storm. Corn is used to make cereal. What happens to the market for cereal today. What factor shifted the curve?

The economy is doing very well! For the most part, people began earning raises all across the country. What happens to the market for the new Cell Phones?

The economy is doing very well! For the most part, people began earning raises all across the country. What happens to the market for the new Cell Phones? What factor shifted the curve?

The price of Coca-Cola goes up today. What happens to the market for Pepsi today?

The price of tea goes up today. What happens to the market for coffee today? What factor shifted the curve?

Due to the popularity of Chick-fil-A, many new stores are popping up all over the nation. What happens to the market for Chick-fil-A today?

Due to the popularity of Chick-fil-A, many new stores are popping up all over the nation. What happens to the market for Chick-fil-A today? What factor shifted the curve?

The formula to calculate Unemployment Rate is...

Calculate the unemployment rate using the information provided:

Currently Employed = 150

No job, but looking = 25

Total Population = 480

Calculate the unemployment rate using the information provided:

Currently Employed = 213

No job, but looking = 57

Total Population = 600

Which of the following would not be counted towards GDP?

Calculate the GDP within this imaginary country if Consumers have spent $1200, Business Investment was $600, Government spending was $375, the country exported $210 and imported $130.

Calculate the GDP within this imaginary country if Consumers have spent $5300, Business Investment was $1600, Government spending was $500, the country exported $350 and imported $750.

The cost of producing corn increases due to some sort of natural disaster, say a bad dust storm. Corn is used to make cereal. What happens to the market for cereal today. Upon knowing which factor shifts, what happens to the equilibrium price?

The economy is doing very well! For the most part, people began earning raises all across the country. What happens to the market for the new Cell Phones? Upon knowing which factor shifts, what happens to the equilibrium price?

The price of tea goes up today. What happens to the market for coffee today? What factor shifted the curve? Upon knowing which way the factor shifts, what happens to the equilibrium price

Due to the popularity of Chick-fil-A, many new stores are popping up all over the nation. What happens to the market for Chick-fil-A today? Upon knowing how the factor shifts, what happens to the equilibrium price?