Econ Semester Review

Definition: Value of the next best alternative

Unions use this tactic to negotiate with employers

Which of the following pairs of goods are complements?

juniors grocery store requires its employees to join a union a few months after theyr hired. This is called a

What is a mixed economy?

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

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

What is the difference between revenue and profit

In which of the following market structures are there completely unique products?

Marys forgone options that she gave up to do basketball are;

When Qs=Qd there is a

When Luis goes to the public dog park, he sees that there is excrement everywhere. This phenomenon is best explained by

When Qd>Qs there is a

What is human capital

Trees used to make paper are considered which factor of production

Kiley went to school to become a nurse. Kiley has invested in which factor of production?

scarcity forces people to make

which of the following is an example of an unskilled labor job

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

What is the Law of Supply?

What are the factors of production?

Which type of economy best describes the United States?

Choc. factories bought new robots that can wrap chocolates faster. What will happen to the market for choc. bars

A hierarchical business with shareholders is usually called a

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

When Qs>Qd there is a

Minimum wage is an example of a(n)

According to the Law of Diminishing Marginal Utility, oftimes consumers

What is a Traditional economy?

What is a market economy?

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

What is the difference between a normal and inferior good?

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

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

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

Shoe companies are in which type of market structure?

Which type of economy relies entirely on the "Invisible Hand"

What is land

Studying incentives helps economics

The government usually sets price ceilings primarily to benefit

streetlights are an example of a(n)

What is a Command economy?

In which of the following market structures are there identical products?

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

an automobile factory purchases a new assembly line for its production. Which factor of production?

What is labor

A hurricane destroys sugar crops. What happens to the market for sugar