List two forms that technological advancement can take and give an example of each form
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Definition1/18
Technological advancement can be seen as progress within
society. For example, people living better is progress. Another way
you can see technological advancement is through the use of
advanced devices.
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Term1/18
Six bakers can bake six cakes in 6 hours how many cakes can twelve bakers bake in twelve hours
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Definition1/18
At that rate, each baker is baking 1 cake per hour. So the 12
bakers then can make 12 cakes.
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Term1/18
Suppose the elasticity of demand for cereal is 1 if cereal increases in price by 25 percent how much will the quantity demanded decreased by
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Definition1/18
25 percent
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Term1/18
Which is not a result of regulation or government intervention in a market
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Definition1/18
lowering the costs of production of a good (novanet)
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Term1/18
Which item would probably have inelastic demand for a student
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Definition1/18
School Buss Pass
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Term1/18
What does new technology generally do to production
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Definition1/18
It lowers cost and increases supply.
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Term1/18
Why would the supply curve of a dog-walking business be considered elastic
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Definition1/18
Because it can hire workers quickly if the price rises.
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Term1/18
What do economists use to determine if an economy is healthy or if it is in a recession or depression
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Definition1/18
GDP
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Term1/18
Which theory says that inflation occurs when the demand for goods exceeds the existing supply
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Definition1/18
demand pull theory
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Term1/18
What is GDP expressed in constant or unchanging prices called
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Definition1/18
real GDP
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Term1/18
What does it mean when a person is underemployed
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Definition1/18
the person has a job but is overqualified for it
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Term1/18
When was Advantage Rent a Car created
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Definition1/18
Advantage Rent a Car was created in 1963.
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Term1/18
What would be considered a good starting point for measuring a nation's quality of life
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Definition1/18
A national census designed to determine it.
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Term1/18
Which of these is an example of depreciation
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Definition1/18
A worker’s truck breaks down more often after 80,000 miles of driving.
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Cards in this guide (18)
What is a market supply schedule
A market supply schedule is a chart that list how much of a good
all suppliers will offer at different prices.
What are the leading economic indicators supposed to predict
business cycles
Does GDP include the money made by selling natural resources like oil and ores
Yes, but the exact way you would count that money depends on the
method of GDP calculation that you use.
List two forms that technological advancement can take and give an example of each form
Technological advancement can be seen as progress within
society. For example, people living better is progress. Another way
you can see technological advancement is through the use of
advanced devices.
Six bakers can bake six cakes in 6 hours how many cakes can twelve bakers bake in twelve hours
At that rate, each baker is baking 1 cake per hour. So the 12
bakers then can make 12 cakes.
Suppose the elasticity of demand for cereal is 1 if cereal increases in price by 25 percent how much will the quantity demanded decreased by
25 percent
Which is not a result of regulation or government intervention in a market
lowering the costs of production of a good (novanet)
Which item would probably have inelastic demand for a student
School Buss Pass
What does new technology generally do to production
It lowers cost and increases supply.
Why would the supply curve of a dog-walking business be considered elastic
Because it can hire workers quickly if the price rises.
What do economists use to determine if an economy is healthy or if it is in a recession or depression
GDP
Which theory says that inflation occurs when the demand for goods exceeds the existing supply
demand pull theory
What is GDP expressed in constant or unchanging prices called
real GDP
What does it mean when a person is underemployed
the person has a job but is overqualified for it
When was Advantage Rent a Car created
Advantage Rent a Car was created in 1963.
What would be considered a good starting point for measuring a nation's quality of life
A national census designed to determine it.
Which of these is an example of depreciation
A worker’s truck breaks down more often after 80,000 miles of driving.