Podcast
Questions and Answers
What does a Production Possibilities Graph show?
What does a Production Possibilities Graph show?
- The total cost of production for two goods in a given time period
- The price elasticity of demand for two goods
- The maximum possible combinations of two goods that can be produced in a given time period with available resources (correct)
- The total revenue generated from the sale of two goods
What are the 4 factors of production?
What are the 4 factors of production?
- Land, labor, money, and technology
- Land, labor, capital, and entrepreneurship (correct)
- Land, resources, production, and distribution
- Labor, capital, goods, and services
What are the 3 key economic questions?
What are the 3 key economic questions?
- What to produce, how to produce, and for whom to produce (correct)
- Why to produce, who to produce for, and how to produce efficiently
- When to produce, where to produce, and how much to produce
- Who to produce for, how to distribute, and when to produce
Define market failure.
Define market failure.
Define Law of Demand.
Define Law of Demand.
Define complements and give one example.
Define complements and give one example.
What is the term for the situation where limited resources cannot satisfy all the needs and wants of people?
What is the term for the situation where limited resources cannot satisfy all the needs and wants of people?
What do we call the risk-taking individual who combines the other factors of production to create and market new goods or services?
What do we call the risk-taking individual who combines the other factors of production to create and market new goods or services?
What is the term for the value of the next best alternative that is given up when making a choice?
What is the term for the value of the next best alternative that is given up when making a choice?
What does the term 'guns or butter' refer to in economics?
What does the term 'guns or butter' refer to in economics?
What is the term for the condition in which all resources are used to produce the goods and services that people most want?
What is the term for the condition in which all resources are used to produce the goods and services that people most want?
What is the term for goods that are both non-excludable and non-rival in consumption?
What is the term for goods that are both non-excludable and non-rival in consumption?
What is the term for the situation where limited resources cannot satisfy all the needs and wants of people?
What is the term for the situation where limited resources cannot satisfy all the needs and wants of people?
What does a Production Possibilities Graph show?
What does a Production Possibilities Graph show?
What is the term for the risk-taking individual who combines the other factors of production to create and market new goods or services?
What is the term for the risk-taking individual who combines the other factors of production to create and market new goods or services?
What are the 3 key economic questions?
What are the 3 key economic questions?
Define free enterprise.
Define free enterprise.
Define market failure.
Define market failure.
Define elastic demand and give one example.
Define elastic demand and give one example.
What are the 4 economic systems?
What are the 4 economic systems?
Define free enterprise.
Define free enterprise.
Define substitutes and give one example.
Define substitutes and give one example.
What are the 6 factors that can cause the demand curve to shift to the right?
What are the 6 factors that can cause the demand curve to shift to the right?
What are the 4 economic systems?
What are the 4 economic systems?
Define complements and give one example.
Define complements and give one example.
Define inelastic demand and give one example.
Define inelastic demand and give one example.
What are the 6 factors that can cause the demand curve to shift to the right?
What are the 6 factors that can cause the demand curve to shift to the right?
What is the main factor that can affect elasticity of supply?
What is the main factor that can affect elasticity of supply?
What are the factors that can cause the supply curve to shift to the left?
What are the factors that can cause the supply curve to shift to the left?
Define equilibrium.
Define equilibrium.
What are the 3 uses of money?
What are the 3 uses of money?
What category makes up the largest percentage of mandatory spending?
What category makes up the largest percentage of mandatory spending?
What is the definition of inflation?
What is the definition of inflation?
What are the 3 uses of money?
What are the 3 uses of money?
What category makes up the largest percentage of mandatory spending?
What category makes up the largest percentage of mandatory spending?
What is the definition of inflation?
What is the definition of inflation?
What is the purpose of NAFTA?
What is the purpose of NAFTA?
What is the most important job of the Federal Reserve?
What is the most important job of the Federal Reserve?
Define comparative advantage.
Define comparative advantage.
What is the most important job of the Federal Reserve?
What is the most important job of the Federal Reserve?
Define specialization. Why does specialization cause nations to trade with each other?
Define specialization. Why does specialization cause nations to trade with each other?
Define tariff.
Define tariff.
What is the purpose of NAFTA?
What is the purpose of NAFTA?
What is the most important job of the Federal Reserve?
What is the most important job of the Federal Reserve?
What does specialization cause nations to do?
What does specialization cause nations to do?
What is the purpose of NAFTA?
What is the purpose of NAFTA?
Define trade surplus.
Define trade surplus.
Define protectionism.
Define protectionism.
Expansionary fiscal policies are designed to stimulate economic growth and increase aggregate demand.
Expansionary fiscal policies are designed to stimulate economic growth and increase aggregate demand.
Contractionary fiscal policies are intended to slow down economic growth and decrease aggregate demand.
Contractionary fiscal policies are intended to slow down economic growth and decrease aggregate demand.
Classical Economics is a school of economic thought that emphasizes the importance of free markets and minimal government intervention.
Classical Economics is a school of economic thought that emphasizes the importance of free markets and minimal government intervention.
