Chapters 1 through 4

What are the factors that shift the supply curve? (Select Multiple)

When price goes up quantity demanded goes down.

What is money?

What is the great economic problem?

How do tariffs impact trade and the economy?

How do changes in supply/demand impact the economy?

What is Division of Knowledge

What is the importance of trade?

What is PPF

What causes shortages and surpluses? Price ceilings and floors

How are trade and specialization connected?

The point on the demand curve moves due to an overall increase in demand and price

What is the importance of banks?

What is supply?

The demand curve shows how the quantity demanded and price correlate.

C-TEET is used for demand factors

How do buyers and sellers interact/compete?

Define: Thinking on the Margin

What is an example of an incentive?

What is filibuster?

What is the quantity supplied?

What is the POW example of trade?

How does trade lead to wealthier countries? (Can select multiple)

What is demand?

Define Market

What are the factors that shift the demand curve? (Select Multiple)

The importance of price is that when prices are high there is most likely a shortage of supplies.

What is comparative advantage?

Define Institutions

The invisible hand is an example of institutions.

Define: Marginal

Producer surplus is the amount that a producer payed.

What are the factors that shift the supply curve?

What are the factors that shift the demand curve? (Select Multiple)

Absolute Advantage is when a country makes the good at a lower opportunity cost.

What is consumer surplus?

Equilibrium is not the point at which the supply and demand curve meet.