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20 terms


Opportunity cost
sometimes we encounter things we can enjoy without having to pay for them. For example, we could attend a "free concert at the local park" that is offered to anyone and everyone for the taking. Economically speaking, is this activity, or any for that matter, really free?
Production Possibilities
A nation has recently discovered a new and more efficient way of using food sraps as an energy source. What might happen in this nation with regard to its ability to be productive?
Competition and Allocation
People always want more than can be produced. They cannot always have everything they want. What must economies do to solce this problem of scarcity, and what are some of the different approaches an economy can take?
Value and Utility
How can economic concepts be used to explain the idea, "one man's trash is another man's treasure?" How is the concept affected by "too much of a good thing?"
What is the ECONIMIC rationale as to why people littler the hallways or parking lot of our school, or the highways of our country?
Income Effect
Briefly describe the income effect and its impact on the AMerican consumer. What economic ability of consumers does it specifically impact, and is it good or bad? Explain.
Elasticit of demand
Why is it that when the price of beef changes, people significantly change the amount of beef they purchase, but when the price of water changes the amount of water used does not change significantly?
The price System
In the United States, a language of prices is used for communication between buyers and sellers. Discuss three benefits of a system like this.
The price system
In the United States, a language of prices is used for communication between buyers and sellers. There are three drawbacks to this system; explain two of them and give AN EXAMPLE FOR EACH.
Interaction of supply and demand
What is the goal of any market with regard to the supply of products and the demand for them? SPECIFICALLY, what causes a shortage or a surplus in a market, and how can this be mediated?
Price Controls
A politician is quoted as saying, "Rents are too high for low income families in our community. We need a city ordincance that controls the amount of money landlords can charge these people for rent." Based on microeconomic thinking, what would such an ordinance qualify as, and what is your response to the suggestion?
Changes in Supply and Demand
A frost in brazil kills 1/4 of that nation's coffee plants, and they are a major supplier of coffee to America. Explain what effect it will have on the following markets and WHY:
a. The coffee Market
b. The tea market
Changes in Supply and Demand
Automation is a type of technological change that uses robots and computers to do jobgs that were previously held by people. Many people believe this technology reduces emplyment opportunities for workers. Address this dilemma by discussing both why it might be good for the business to automate and what the workers might do about their situation.
Market Structures
Name and briefly explain the three basic types of market structures. Which one is most prominent in America, and why does this necessitate a lot of advertising?
Types of business Organizations
What are the specific ways American businesses can be set up? What is good and bad about each of them?
Describe the concepts of "mergers" and "downsizing". What is the impact on the following groups.
a. Employees
b. Investors/Stockholders
c. The market
Discuss four reasons a person might save money in America, and why starting early can provide a very serious benefit in the long term.
What are stocks? What is their purpose? How do they help or hurt the economy? The businesses? The employees?
The stock Market
Why is it important to study (or at least have a working knowledge of) the stock market and its activities.
What are the "levels of risk" of investments that exist today? Give some examples of investments and explain their risk and explain the importance of investment to consumers