Economic
Terms
Supply Terms
Demand
Terms
Independent
Agencies
Legal Rights
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-Term describing the situation
when one nation produces a
product better or cheaper
than other nations?
Row 1---100 Question
-comparative
advantage
Row 1---100 Answer
-Idea of dividing labor into
individual tasks in order to
increase productivity?
Row 1---200 Question
-division of labor
Row 1---200 Answer
-Economic idea that a larger
business can operate at a more
efficient rate because of its
bulk. Same concept applies
when buying items in large
quantities?
Row 1---300 Question
-economy of scale
Row 1---300 Answer
-Economic idea that a person
loses the chance to do
something when you make a
choice?
Row 1---400 Question
-opportunity cost
Row 1---400 Answer
-Economic idea that you
deliberately make a decision
and do so knowing the other
options would be lost?
Row 1---500 Question
-trade off
Row 1---500 Answer
-Economic idea that suppliers
will supply more of a product
as the price for that product
increases.
Row 2---100 Question
-Law of Supply
Row 2---100 Answer
-Idea that a supplier will reach
a point when increased
production will not increase
profits.
Row 2---200 Question
-Diminishing Returns
Row 2---200 Answer
-In this situation, changes in
price do not greatly affect the
supply of the product?
Row 2---300 Question
-Inelastic Supply
Row 2---300 Answer
-In this situation, changes in
price will affect the supply of
the product?
Row 2---400 Question
-Elastic Supply
Row 2---400 Answer
-Economic term for the amount
of work produced in a given
amount of time.—More work in
less time causes prices to
decrease and fights inflation?
Row 2---500 Question
-Productivity
Row 2---500 Answer
-This is the idea that a
person’s demand for a
product will reach a
maximum no matter the
price?
Row 3---100 Question
-Diminishing Utility
Row 3---100 Answer
-This is the concept that
changes in price can affect
changes in demand?
Row 3---200 Question
-Elasticity
Row 3---200 Answer
-In this situation, a change in
price does not really affect
demand greatly?
Row 3---300 Question
-Inelastic Demand
Row 3---300 Answer
-This is the term that
describes a consumer using an
alternative product?
Row 3---400 Question
-substitute good
Row 3---400 Answer
-This term describes a
situation where the demand
for one product has the same
effect on another product?
Row 3---500 Question
-complementary good
Row 3---500 Answer
-This independent agency that
oversees the pension
program for the elderly and
the disabled.
Row 4---100 Question
-Social Security
Row 4---100 Answer
-This executive agency that
works to collect information
about foreign nations.
Row 4---200 Question
-CIA
Row 4---200 Answer
-This executive agency works
to protect the environment?
Row 4---300 Question
-EPA
Row 4---300 Answer
-This commission controls the
nation’s banking system?
Row 4---400 Question
-Federal Reserve
Row 4---400 Answer
-This commission controls the
activities of the media?
Row 4---500 Question
-FCC
Row 4---500 Answer
-Which Amendment guarantees
due process and equal
protection?
Row 5---100 Question
-14th
Row 5---100 Answer
-Name the types of law that
might try to punish someone
for an act in past that is now
considered illegal?
Row 5---200 Question
-ex post facto
Row 5---200 Answer
-This is the type of law that
would punish a person without a
trial----these types of laws are
illegal according to the
constitution?
Row 5---300 Question
-bills of attainder
Row 5---300 Answer
-This is the right of Americans
to be released if they are not
formally charged with a crime
after being detained by police?
Row 5---400 Question
-habeas corpus
Row 5---400 Answer
-Which Amendment gives you
the right to a speedy, public,
jury trial, and the help of a
lawyer?
Row 5---500 Question
-6th
Row 5---500 Answer