| Basic Economics | Supply and Demand | Macroeconomics vs. Microeconomics | Spending in the Economy | The Declaration of Independence |
|---|---|---|---|---|
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What is economics?
Social science that deals with man's attempt to allocate scarce resources.
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What is demand?
The number of units of a good or service that consumers are willing and able to buy at an entire series of prices, holding constant all other influences over buying decisions.
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What is inflation?
An increase in supply and wages.
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What are consumers?
This category of spenders includes you and me. We spend money on multiple things a day. 70% of every dollar spent in the US is spent by us.
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Who is Thomas Jefferson?
This man wrote the declaration of independence.
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What are the scarce resources?
Land, Labor, Capital, and Entrepreneurial ability
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What is supply?
The number of units of a good or service that sellers are willing and able to produce at an entire series of prices, holding constant all other influences over selling decisions.
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What is the labor force?
The sum of those 16 years or older who are working or looking for work.
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What are businesses?
Spends money on tools and factory equipment. they invest in company supplies.
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What is the second continental congress?
On May 10th, 1776 in Philidelphia, high-ranking gentlemen from each colony met and decided to write the declaration of independence.
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What are our wants and needs?
These are unlimited, which is why we must budget our resources,
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What is the law of demand?
A change in the price causes an indirect change in the quantity demanded.
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What is the unemployment rate?
the percent of the labor force that is not actively working
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What is the government?
Spends money on roads and other things the community needs.
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What is to announce and to explain?
The two purposes of the declaration of independence.
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What are the ways to efficiently allocate the resources?
Market, command, and traditional
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What is the law of supply?
A change in the prices causes a direct change in the quantity supplied.
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What are the different types of unemployment?
Frictional, structural, cyclical, and hardcore.
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What are net foreign exports?
The dollar amount of exports minus dollar amounts of imports.
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What is the government?
This does not give you rights but is there to protect your rights. The people create it and its power comes from the people.
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What is the PPF?
A model that shows the levels society could produce if it used its resources fully and efficiently.
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What are substitutes?
products that provide equal or almost equal satisfaction to the consumer. Example: Honda and Ford, or textbook and digital textbook.
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What is the market basket?
A tool for measuring inflation that takes into consideration about 400 items that are typical for an urban family to buy.
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What is the gross domestic product (GDP)?
The #1 measuring instrument of the macroeconomy.
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What are the abuses of King George?
Military, financial, justice, and administrative.
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