1. The tendency of consumers to place a more expensive product with a lower price is
called substitution effect.
2. The buildings, structure, and tools used in production are called capital goods.
3. When quantity demanded is higher than quantity supplied
Even if all my shows were cancelled and there are no second chances
Id still be prancing cross superhighways rantin bout Charles Manson
Enhancin my flow as I go, from boondocks to the mansions
The traveling circus /slash/ holdin the language for ra
Economics Study Guide
The value of the next best alternative that must be given up or sacrificed in order to
obtain something else
What you give up, not monetary value
If resources were unlimited, then one would not have to make any ch
1. Goals of firms and the ways in which the different market structures attempt to reach them.
- PROFIT- minimum amount of revenue that the firm must receive
o Revenue Total Cost= Profit for a Company/ Firm
- REVENUE- payments, firms receive whe
Economics Internal Assessment: Rough Draft
The production of pumpkin is dependent on good weather. The article suggests
that the prices of canned pumpkin will return to normal because of this seasons good
weather. Last years shortage of canned pumpkins wa
International Trade Commission prepares to vote Friday on SolarWorld's trade case
The international market for solar panels consists of countries such as the United
States, China and Germany. Within this industry, there exists an internation
Aims or Misconceptions
Question: Is the trade policy fulfilling the goals of the World Trade Organization or
The trade policy in the Philippines desires to extend a quantitative restriction, or
quota, on rice. Under the supervi
Adam Smith and The Invisible Hand
1. Adam Smith is regarded as the father of modern economics and the founder of
economics as an autonomous subject. He was born in the small town of Kirkcaldy,
Scotland in 1723. His father passed away before Smiths birth s
IB Economics IA Commentary Draft
Tariffs, also known as customs duties, are a tax implemented by the receiving
nation on imports from other countries and are the most common form of trade
restriction. There are two types of tariffs: protective tariffs, wh
Chapter 14.2 Consequences of changes in the terms of trade
Terms of trade affect balance of trade and payments
Terms of trade measure relative prices of exports and imports
Balance of trade measures the value of exports minus the value of imports of goods
Tariffs: Good, Bad Ugly?
The United States has a tariff-rate quota for peanut imports. Because unrestricted imports
of peanuts undermine the domestic price support program, imports are restricted by means of a
tariff-rate quota. In order to increase the p
Economics Study Guide for Chapter 2 & 3
Includes any kind of arrangement where buyers and sellers of a particular good, service
etc. are linked together to carry out an exchange.
EXAMPLES: Flea Market, produce market etc.
1. Perfect/pure com
IB Economics B2
22 November 2010
Economics Naturalist Writing Assignment:
Why is fast food in airports more expensive than fast food in a city?
Each time your stomach begins to gurgle and yelp for nourishment, you cant help