Information |
#1 |
The economic value of an employee's skill set |
Human Capital |
#2 |
When two parties in a transaction do not have the same information |
Assymetric information |
#3 |
a problem caused by an person pursuing his own interests rather than the interests of the entity who hired him |
Principle Agent Problem |
#4 |
Exists when one person does not have to suffer the consequences personally yet can receive rewards |
Moral Hazard |
#5 |
A paradox in decision analysis in which two individuals acting in their own best interest when given the opportunity to choose between several varying outcomes. As a result of following a purely logical thought process to help oneself, both participants, unkown to one another, find themselves in a worse state than if they had cooperated with each other. However because neither party knew the other's choice, any decision could be the wrong one |
Prisoner's Dilemna |
Economics 101 |
#1 |
An Economic system where Economic decisions are made by individuals competing to earn profits based on supply and demand |
Market Economy |
#2 |
economic term referring to the total satisfaction received from consuming a good or service. |
Utility |
#3 |
an incentive that has an unintended and undesirable result which is contrary to the interests of the incentive makers |
Perverse incentive |
#4 |
a tax in which the tax rate increases as the taxable amount increases |
Progressive tax rate. You are going to see a tax chart on the multiple choice section |
#5 |
'process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one.' |
Creative destruction |
Surprise! |
#1 |
What would happen to price if the supply of a good decreased? |
goes up! |
#2 |
a government-imposed price control or limit on how high a price is charged for a product |
Price Ceiling |
#3 |
Why would some economists oppose raising the minimum wage? I need at least three ECONOMIC reasons |
I am the judge for the answer. You are going to be asked to respond to Flagstaff's Ballot Initiative 414 |
#4 |
A distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders |
Dividend |
#5 |
Appropriately define Deadweight loss. You may draw on the board if it helps your answer. |
I am the judge and Jury on this answer: See https://www.google.com/imgres?imgurl=https://upload.wikimedia.org/wikipedia/commons/thumb/f/fb/Deadweight-loss-price-ceiling.svg/2000px-Deadweight-loss-price-ceiling.svg.png&imgrefurl=https://en.wikipedia.org/wiki/Deadweight_loss&h=2000&w=2000&tbnid=yMhkmCtX7BpqHM:&tbnh=160&tbnw=160&docid=lsemGwPf_cjPyM&usg=__BiaXhiINEZnis4GhrgjL31szvBc=&sa=X&sqi=2&pjf=1&ved=0ahUKEwiCtqLgt_PPAhUC0iYKHeayDlsQ9QEIHzAA |