If people's wants are limited then we are left with?
Scarcity
What are the factors of production?
Land, labor, and capital
If you return an unfinished book to the library to avoid a late fee, what is your opportunity cost?
Finishing the book
Most common type of economy?
Mixed
What is the Law of Demand if the quantity demanded is increasing?
Price increases
What happens to the demand curve if there is a demand for clothes but a blizzard keeps them at home?
The curve shifts to the left
What is the Law of Supply if price increases?
Quantity supplied increases
What is a market structure where the producers have the most power?
A monopoly
What form of business organization is most common?
A sole proprietorship
Outsourcing is the practice of?
Using outside contractors instead of staff
What is the difference between real and nominal GDP, when GDP is real?
It is adjusted for inflation
What is the best example of a fiscal policy?
Create federal jobs so workers can spend more
What is an example of an U.S. export?
A Dutch family hosting a U.S. student
Why is foreign debt a serious problem for poor countries?
Paying off principals and interest takes a large part of nat'l budgets