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Daryl Collins

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Term1/15
What is a trade-off
Definition1/15

A trade-off is an alternative that we sacrifice when we make a decision.

Term1/15
Price effect is a combination of income effect and substitution effect
Definition1/15

Yes, Price effect = substitution effect + income effect

Term1/15
What is the income people receive for supplying factors of production such as land labor or capital called
Definition1/15

They are called factor payments.

Term1/15
How can population changes affect demand for certain goods
Definition1/15

immediate demand for a good will go up if it's price is expected to rise.

this is how population changes affect demand for certain goods.

Term1/15
What is the effect of the interaction of buyers and sellers on a market
Definition1/15

agreement on the price and quantity traded

Term1/15
Which would be an example of an opportunity cost
Definition1/15

HOUSING

Term1/15
Government programs that protect people experiencing unfavorable economic conditions are
Definition1/15

Safety Net!

Term1/15
In a traditional economy what are the economic decisions based largely on
Definition1/15

Customs and traditions.

Term1/15
What is an example of scarcity rather than shortage
Definition1/15

A person wants an endless supply of everything but cannot have it.

Term1/15
What is the option to sell shares of stock at a specified time in the future called
Definition1/15

It's actually called a call option. I will provide you with a definition I just found for this, and some additional tips on options trading.

- - - - -

The option to sell shares is a put. The option to buy them is a call.

Term1/15
Which of the following is not a condition that most people would expect the safety net of the government to provide for
Definition1/15

low income

Term1/15
Which of the following is most important characteristic of an entrepreneur
Definition1/15

hard work and patience

Term1/15
Which is the government agency that covers customer deposits if a bank fails
Definition1/15

Federeal Deposit Insurance Corporation (FDIC)

Term1/15
Which of the following is not an economic goal that influences how societies answer the three key economic questions
Definition1/15

In order to know which of the following is not an economic goal that influences how societies answer the three key economic questions one would need to know the answer choices.

Term1/15
What is the money multiplier formula
Definition1/15

The money multiplier formula is the amount of new money that will be created with each demand deposit, calculated as 1 ÷ RRR.

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Cards in this guide (15)
What is a trade-off

A trade-off is an alternative that we sacrifice when we make a decision.

Price effect is a combination of income effect and substitution effect

Yes, Price effect = substitution effect + income effect

What is the income people receive for supplying factors of production such as land labor or capital called

They are called factor payments.

How can population changes affect demand for certain goods

immediate demand for a good will go up if it's price is expected to rise.

this is how population changes affect demand for certain goods.

What is the effect of the interaction of buyers and sellers on a market

agreement on the price and quantity traded

Which would be an example of an opportunity cost

HOUSING

Government programs that protect people experiencing unfavorable economic conditions are

Safety Net!

In a traditional economy what are the economic decisions based largely on

Customs and traditions.

What is an example of scarcity rather than shortage

A person wants an endless supply of everything but cannot have it.

What is the option to sell shares of stock at a specified time in the future called

It's actually called a call option. I will provide you with a definition I just found for this, and some additional tips on options trading.

- - - - -

The option to sell shares is a put. The option to buy them is a call.

Which of the following is not a condition that most people would expect the safety net of the government to provide for

low income

Which of the following is most important characteristic of an entrepreneur

hard work and patience

Which is the government agency that covers customer deposits if a bank fails

Federeal Deposit Insurance Corporation (FDIC)

Which of the following is not an economic goal that influences how societies answer the three key economic questions

In order to know which of the following is not an economic goal that influences how societies answer the three key economic questions one would need to know the answer choices.

What is the money multiplier formula

The money multiplier formula is the amount of new money that will be created with each demand deposit, calculated as 1 ÷ RRR.

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