I.Theories of Federalism
A.Federalism- two or more govts exercise power and authority over the same people and the
i.The power to coin money belongs to the national govt, but the power to
grant divorces remains a state prerog
Supply decreasing = demand increasing.
An increase in price occurs once theres a decrease in supply or demand increase.
The mega power they possess is the rise of equilibrium price .
Equilibrium price varies, as it depends on change sizes between demand
Changes in Demand, Supply, and Equilibrium
Consumers preferences, or tastes and how much money they make fluctuate.
Also, you have variations in expectations from buyers, or the fact goods can rise
and lower in price. Those are reasons why demand may alte
Because individual human behavior is not always predictable
An economist's answer to a specific problem may turn it not to work for everyone.
Because the judgement will depend on your values,
An economist will most likely say whether or not the proposed s
The definition of capitalism is an economic system in which the means of production and
distribution are privately or corporately owned and the operations are funded by profits. An
example of capitalism is the prison system in the United States
All issues (globalization, international outsourcing, etc.) have a _ and _ dimension
As social scientists, economists seek to discover how the economic world
works. In pursuit of this goal, the two statements they use are
positive and normati
Economists regard the term _ as meaning all activity that affects _,
_ and use of goods and services
economy, distribution, production
Economists gather _ about the real world and use this information
to test _ that help explain various economic events
- Cliffs YouTube
Cliff is an entrepreneur, teacher, and all around cool guy with a lot of smarts up his
sleeve. The best part about his channel, is that he divides it into economics, macroeconomics,
and microeconomics. He is passionate abo
Spending time studying means
making a trade off by giving up another activity, such as sports
Such choices are unavoidable because of the
problem of scarcity
The _ _ of these choices involves foregoing the _ _
_ from among all the choices available. Natio