Final Econ 2022 (winter)

Real GDP uses a:

When we move from C to B along the PPC, what is the opportunity cost?

Peanut Butter and Jelly are a:

Any reward/benefit, or advantage or good feeling that motivates people

When there is more supplied than demanded, this is a

Examples of hidden unemployment are

True or False: All things are scarce

In the factors of production, what is land?

What factor would cause this shift: Cost of air conditioning increases

An investment made by a business is a

Economic Development is studied with

This is NOT a disadvantage of a sole-proprietorship

If the price in soccer balls dropped, what would the demand curve do?

What factor of demand is occurring due to Christmas

What causes a shift?

What impact do price changes have on elasticity for a good or service if the change wasn't significant to one's income?

The government owns the means of production but ALLOWS private ownership

If the Blizzard Machine stops working, what supply determinant is in effect?

Based on the idea that non essential items are elastic, what is INELASTIC?

This type of business is owned by stockholders who have purchased units of the company

Owners get benefits from high/good profits and increased value of the business. What reward is this?

This is the study of the individual consumers and how they make decisions

If Jimmy Johns has a surplus of bread at the end of the day, the owner will

When "demand = supply" is

When we move along the production possibility curve from D to E, the opportunity cost of bassoons in terms of spitt

What would happen to the supply at Dairy Queen if the Blizzard Machine stops working?

Tasman Slippers from UGG have recently become popular, what happens to the demand curve?

If the price of coffee increases, what happens to the demand for coffee mugs?

What is the Law of Supply?

The pleasure you get from consuming a good is:

What do households provide in the circular flow of income?

A ___________ is someone who draws upon their skills and initiative to launch a new business venture to get a profit.

The Law of _________ is when the price goes up the quantity goes down

Refer to the graph, what is approximately the equilibrium price/quantity?

Supply can be impacted by the government by:

In a Free Market Economy,

The government making a policy that requires cyclists to wear helmets would do what to the demand curve?

What is Economics?

What is the Economic Problem?

A market is

Pokel lifted after school on Monday, instead of going out to eat with his buddies. What is the opportunity costs?

This is NOT a characteristic of a developing country

The dollar value of all final goods and services produced within a countries borders in a given year

If you have a high HDI, that indicates that your country has good

If elasticity of demand is less than one, the demand is:

If a point is in the inside of a PPC curve, that means

Opportunity Costs is:

What would happen to the supply of hot chocolate at Lambeau Field in August?

What factor would cause this shift: Cost of milk increases

The questions of what, how and for whom are answered by individuals and businesses in the marketplace

Money is given to solar power/electric cars company by the Gov

Refer to the diagram, what happens if the price is raised to 3.50?

Elasticities measure

To move to point C, this economy needs to

An ice cream maker machine is an example of what factor of production?

When there is more demanded than supplied, this is a

If the price of coffee increases, what happens to the demand for tea?

Talking about the unemployment rates is a :

This visual shows the maximum combinations of goods and services IF ALL resources are being used efficiently

Hot chocolate at Lambeau is an example of what determinant

The periodic fluctuations in economic activity are measured by changes in real GDP

Macroeconomics studies what of the following?

Lambeau Field is able to sell beverages for 11 dollars when they could make money at 4 dollars. This an example of?

If Max is willing to spend 10 dollars on his Taco John's meal, but only has to spend 4, what is occurring?

What is scarcity?

A labor union is a:

If my income increases, I will spend less money on

What factor would cause this shift: The supply of Christmas ornaments is increasing due to the holiday

The measurement of a change in quantity demanded caused by a change in individual's purchasing power is: