Economics and Me

2015-2016

Shane

Market Failure: One time I went to Highland Park to watch fireworks on 4th Of July. This is market failure because it was free to go watch causing me to be a free rider.

Trade Off: I have to give up free time to study and do homework in order to have a good grade in Physics

Positive Externalities: Someone taking medication for being sick so I don't end up getting sick

Negative Externalities: Sitting in traffic when there wasn’t another route to go to avoid the traffic.

Scarcity: We use gas wisely so don't we run out

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Shane

Public Goods: The Army

Wants: I want a new pair of shoes

Needs: I need to have good water in order to stay alive

Incentive: Getting a academic scholarship in school.

Individual Choices: I choose to buy a apple rather than an orange

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Shane

Law of Supply- If the price of footballs increase then the supply increases.

Demand- I want a Phone and I am willing to buy a phone.

Variable Costs- The electric bill can go up or down. It varies.

Law of Demand- If the demand of hats go up then the price goes up.

Market Supply Curve- A Market Supply curve could show all the prices of the hats.

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Shane

Inelastic- Paying your phone bill. It's something that needs to be done. If the price increases then I still have to pay it to use my phone.

Elastic- Buying a new boat. I don’t need to buy one.

Surplus- After Halloween there is a price drop on candy so they can get rid of it. Like when something goes on Clearance.

Price Floor- Renting a house or an apartment.

Price floor- Minimum Wage.

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Shane

Outsourcing*- Walgreen’s wanted to move to Mexico.

Command Economy*- China, Cuba, North Korea, and the former Soviet Union are countries that have an Command Economy.

Natural Monopoly*- I could use tap water at my house to drink.

Monopolistic Competition*- I can go buy Nike shoes or Under Armour Shoes.

Product Differentiation*- An example of this is a Mcdonald’s McChicken and a Burger King’s chicken sandwich.

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Shane

General Enterprise- My cousin started a business with his friend.

Franchise- I go to Dunkin Donuts sometimes to get a bagel and Dunkin Donuts is a franchise.

Bartering- When I trade someone a gatorade for water.

Public Goods- Street lights in Endwell.

Durability- Having money in your pants and the pants go into the wash and the money comes out fine.

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Lauren

*Market Failure~ I go an watch the Christmas lighting on the river in Owego even though i don’t live in Tioga County

*Positive Externality~ My neighbor is building a new garage, which increases the property value of my house

*Negative Externality~ I get stuck in traffic on my way to my Grams

Opportunity Cost~ I went to Wegmans instead of Gander Mountain because i didn’t have enough time, the cost was Gander Mountain.

Transfer Payment~ Some of my mom's income goes into my bank account

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Lauren

*Cost of economic choice~ I bought a new pair of shoes and the cost is that I don’t have eighty dollars in my pocket anymore.

*Command Economy~ the government controls how many hours I work.

Wants~ I want a new truck

Needs~ I need non toxic air to live

Trade Off~ I chose to drink more tea than coffee

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Lauren

*Market Supply Curve vs. Individual Supply Curve: Stores in Vestal vs. Target in Vestal

*Shortage: The demand for lokai bracelets is more than the supply

Surplus: The supply of uggs is greater than the demand

Market Equilibrium: When the producers and consumers agree on the price of bicycles

Demand: I have the willingness, desire, and ability to be able to purchase a dog

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Lauren

*Inelastic: I don’t have a choice, I have to buy my thyroid medication

*Elastic: A new pair of shoes, if the price goes up then I may change my mind and not buy it

*Reason for a change in supply:An increase in supply of winter coats will happen in winter

Substitution: The price of brownies went up so I bought more cookies

Complements: If I buy more chocolate sauce I will buy more ice cream

Lauren

*Inelastic Demand- even if the price of my thyroid medicine goes up I still need it.

*Vertical Merger- Dunkin Donuts coffee bean farm and the actual store

*Command Economy- the government knows what I can afford by setting my wages

Wage- My boss pays me X amount to work for his hospital

Debit Card- I use this to pay for things on my errands, it pays the exact amount, I don’t need to worry about change

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Lauren

*Public Goods- I can still drive in Tioga county with the street lights on

*Opportunity Cost- Owning a clothing company I would produce less T-shirts than hats during winter

Scarcity- My wants are unlimited but the resources to make them aren’t

Monopoly- My water company

Binding Arbitration- My boss and I need to agree on terms before hiring me

*Market Failure: I snuck into a movie without paying.

*Negative Externality: When my neighbors are doing construction on their house, and the workers wake me up early in the morning when I want to sleep in.

*Positive Externality: I go to the St. Patrick’s Day Parade in Binghamton.

*Incentive: I go to AMC Movie Theater instead of Regal Cinemas.

*Consumer Sovereignty: We make Pumpkin Cream Cheese at work.

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Trade off: I choose to stay up and do homework

Cost benefit analysis: I decide if it’s really worth it to go get Dunkin Donuts

Public goods: I drive on the roads

Individual Choice: I have the choice to buy Nike cleats instead of Adidas

Scarcity: iPhone 6s

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Sam

*Market Supply Curve : If Hannah, Yasmin and I were all selling ice cream, we would all be part of the market supply curve.

*Price Floor: I am paid minimum wage at Best Bagels

*Number of Producers in the Market: If Yasmin

drops out of the market, supply is decreased

* Market Supply Schedule: Hannah, Yasmin, and I would all be on this

*Price Ceiling: My cousin’s rent in Toronto

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Sam

• Substitution: I buy whales instead of Goldfish
• Inelastic: I buy gas
• Elastic: I want to buy a new laptop
• Surplus: I buy bathing suits in the winter for a cheaper price
• Compliments: I buy milk and cereal

*Multinational corporation: I wear nike sneakers

*Shareholders: i own shares in apple

*stock: I buy stock in microsoft

*command economy: i Would part of this type of economy if i moved to North Korea.

*wage setting: If i worked in Russia

Franchise- I get coffee from dunkin donuts

NOn-Profit Organization- I give bagels to ME-Als

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Minimum Wage- i make this :’)

Boycott- I don’t buy from companies that test on animals

hourly worker- I work at an hourly rate, part-time

Grace

• Market Failure*- The price of a product I buy can increase because of a market failure.
• Positive Externality*- If I keep the exterior of my house looking nice, not only does it benefit me but also the neighbors around me.
• Negative Externality*- When my sister plays loud music late at night when I am trying to sleep.
• Cost benefit analysis*- when I go through the clothes in my closet and decide what to keep and what to get rid of.
• Trade-off*- If I want to go to lunch during my free period but only have $7 which i need to pay for my senior T-shirt.

Grace

• Microeconomics- How i affect the economy, like spending money on new products.
• Macroeconomics- The study of the economy as a whole, what affects it is people being laid off.
• Incentive- When you get a free tablet when you buy a new phone plan.
• Free Rider- Watching fireworks at Cayuga in Ithaca.
• Scarcity- We have unlimited wants and limited resources to get what is wanted. Like I want a new car, but i dont have the money to get it.

Grace

• Law of Supply*- When the price of winter boots increases, the production of them will increase.
• Elastic*- Buying a new car; because its not something i need and I would be able to wait to buy it.
• Inelastic*- Paying the electricity bill; even if the price increases it still needs to be paid.
• Price Floor*- I get paid minimum wage, because the price floor makes the amount i can get paid artificially high.
• Price Ceiling*- Renting prices stay relatively the same because a price ceiling makes the price artificially low.

Grace

• Equilibrium- When a producer puts out the exact amount of a product demanded
• Shortage- When the supply of ice cream is less than demanded during the summer, the price is increased
• Surplus- When the supply of flip-flops is greater than demanded, the price will decrease
• Unitary Elasticity- When the price of gloves goes up 40% in the winter, the supply goes up 40% as well.
• Total Costs- A business has to total the variable (like wages) and fixed (like insurance) costs together to guarantee they will make a profit.

Grace

• Vertical Merger*- Disney and Pixar combine to make one movies for me to enjoy
• Entrepreneurs*- The people that develop new ideas and products to sell to consumers
• Command economy*- the command economy ensures people their jobs, but was not designed with the consumer in mind. Like North Korea.
• Labor union* - A labor union makes sure that the workers have good benefits and wages, so when i work there are labor unions within it that tries to better the jobs.
• Inelastic*- It doesn't change much. like the electricity bill, it still needs to be paid even if the price goes up.

Grace

• Contingent employment- Working part time somewhere
• Wage rate- The set amount i get paid for working a certain amount of time
• Barter- When i pay my friend with my pear for her apple
• Credit score- I pay my credit card on time so i keep a good credit score
• Fixed costs- Insurance is a fixed cost, so i have to pay it no matter what

Corey

free enterprise system*- Businesses that I shop at are free enterprise systems because they had the ability to open up their own business

market failure*- when i watch fireworks at a park that i did not pay for.

economic choice*-when i bought water instead gatorade because the gatorade was gone

marginal benefit*-i had two gatorades instead of one

command economy*- when the government limited how many hunting licenses could be sold

Corey

incentive- if i were to offer mike more money to help me catch a football he would be more eager to help me

privatize- took my business from government and made it private

nationalize-sold my company to the government

public goods- the lights on the street that are in use at night

legal equality- i have the same rights in starting a business as anyone else does.

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Corey

Number of producers*- competitors can decrease supply because there is more competition for the same

income effect*- when i get more money i can buy more normal goods

supply curve*- if less producers then less stores to buy from

inelastic*- gas price went up but i need gas

shortage*-i wanted to buy a new iphone but they didnt have enough

Corey

marginal product- when i hire another worker to make more product in my business

price floor- minimum wage

specialization- all my workers have a certain job

price ceiling- government putting price ceiling on rent so the land lords cant raise it

law of supply- the more water i buy the higher the price.

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Corey

vertical merger*- an example of merger is watching a disney pixar movie

business franchise*- i work for woodland tree services

outsourcing*- if i were to go to a mcdonalds in france

command economy*- i work for a minimum wage

public good*- driving to vestal and using the street lights even though i dont live in the town of vestal.

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Corey

barter- when i trade my apple for michaels pear

portability- i can fit money in my pocket

divisibility- i get change back if i dont have the exact amount of money when i buy something

uniformity- the dollar bill is recognizable in the us

durability- money can go through the was and still be fine to use

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Alice Garcia

Traditional Economy: An Economic System In Which Families, Clans Or Tribes Make Economic Decisions Based On Tradition And Custom. Everyone Knows Their Rules Gender Based. How Does This Relate To My Life? My Aunt Is A Hairstylist And That Tradition Is Now Passed On To Me. My Niece Janeese Will Have The Choice To Continue This Tradition Or Do Something Different With Her Career. If This Was In The Past She Would Have To Follow Certain Rules Which Wouldn’t Have Given Her The Choice To Decide Whether or Not She’d Like To Be A Hairstylist Or Not.

Command Economy: An Economic System Where The Government Decides What Goods And Services Will Be Produced, How They Will Be Produced, And How They Will Be Distributed. How Does This Relate To My Life? The Government Has Complete Control Over What Is Being Produced In Food Markets And So On. In My Case I Food Shop At Grocery Stores Although They Say This Food Is Healthy For Me To Eat How Do I Know If It Affecting My Body, My Personality, How My Mood Is After I Eat A Meal.

Market Economy: Based On Individual Choice, Not Government Directives. How Does This Affect My Life? I Have My Own Individual Freedom Which Means If I Want To Go To The Mall And Buy An Outfit The Government Does Not Decide On That Choice.

Mixed Economy: Emphasizes One Type Of Economic System Or Another.How Does This Affect My Life? The Government Has Regulations So For Example I Do Cosmetology Classes I Can’t Just Go Cutting People’s Hair Without A Licence In A Salon.

Scarcity: Unlimited Wants And Limited Resources. How This Affects My Life? I Want A New Phone But I Can’t Afford One Because My Resources Are Limited.

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Alice

Legal Equality: Giving Everyone The Same Economic Rights Under Law. How Does This Affect My Life? Everyone Has The Same Rights As Mine. For Example Rights To Have A Job, Rights To Receive Taxes And So On. It Does Not Matter The Color Of Your Skin Or If You Are A Male Or Female Everything Is Equal Between Everyone No One Has More Rights Than Others.

Marginal Benefit: The Additional Satisfaction Of Using One Or More Unit Of The Product. How Does This Affect My Life? The Gain I Can Receive For Doing Anything "One More Time." I Sell An Unlimited Amount Of Chocolate Bars For $1.50 A Piece My Marginal Benifit Would Be To Sell More Chocolate Bars.

Coupons: An Incentive A Bribe. How This Affects My Life? The Reason Why I Shop At Charlotte Russe And Not Forever 21 Is Because Charlotte Russe Has A 10% Discount If You Have A Student ID No Matter What You Buy.

Trade Off: To Let Go Of One Thing To Use For Another. How Does This Affect My Life? I Couldn’t Go Get A New Outfit For An Event Because I Had To Pay My Phone Bill.

Needs: Essential Or Very Important. How Does This Affect My Life? I Need To Have Food And Water In Order To Stay Alive.

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Alice Garcia

• Shortage*- A Shortage Will Develop When The Market Price Is Below The Equilibrium Price. When There’s Is A Surplus Price Goes Down For Example Clearance Racks. When There Is A Shortage Price Goes Up For Example I wanted new pair of shoes but the new addition of them were to expensive.
• Substitution* Effect- Buying Fewer Of An Item So You Are Able To Buy More Of Another Item. I Bought Less Items From Victoria’s Secret To Be Able To Buy A New Pair Of Boots.
• Competitive Pricing*- Many Competitors can decrease supply by driving some producers out of the market. Example: Me & Ms. Conroy are selling candy bars and I’m selling them at at better price which will drive her out of market.
• Inelastic*- You Cannot Go Without. Example: My sister is a diabetic and cannot go without insulin.
• Elastic*- You Are able to go without. Example: I don’t need a new diamond earring.

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Alice Garcia

• Variable Costs-Something that changes Price For how much you use it. Example: I run out of minutes and will have to pay for more.
• Law of demand-When a good's price is lower people buy more of it. Example: I’ll Buy Broccoli if the price is low.
• Income effect- When your income decreases you buy more generic goods. Example: When I Work Less I have less money in my wallet which causes me to buy target brand toilet paper v.s scott ultra plush.
• Market Supply Curve- Prices for the whole region. Example: If I Sold candles and my mom sold candles we would both be on the market supply curve.
• Price Ceiling- A Limitation that is set below the market equilibrium. Example: My Sister pays her rent below the price ceiling.

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Alice

• Multinational corporation * I buy Dunkin’ Donuts Every morning.*
• A Monopoly That The U.S. generally permits- City water/sewer company. * I use the water to drink and bathe at home.
• Credit Score- To keep good credit I pay my cell phone bill on time.
• Hourly Worker- I Work At Aeropostale part time at an hourly rate.
• Wage Rate- I get paid for the amount of work I put in at work.

Alice

• Barter- I traded my iphone 5s for an iphone 6.
• Divisibility- When I’m at work I give back change if the customer doesn’t have the exact amount asked for.
• Uniformity- The dollar bill is recognizable in the U.S as a U.S bill.
• Command Economy- I Work Minimum wage $8.75.
• Inelastic- If the water bill goes up it still needs to be paid because I need it.

Kobe

Scarcity*- We use oil wisely so we do not run out.

Market failure*- Because of free rides and i am a free rider because i watched the fire works at cayuga lake this summer.

Trade off*- I didn’t buy lunch because i needed gas money.

Coupons*- I may buy one product because I have a coupon and will save money.

Marginal benefit*- I bought two bottles of water instead of one.

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Kobe

Nationalize- When a company is sold to the government.

Public goods- The Navy

Wants- I want the new iphone but, I do not need it to live.

Need- I need air to live.

Privatize- I took a business from the government and ran it myself.

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Kobe

Change Number of producers*- Producers change number of supply.

Supply curve*- if less producers then less goods to buy

Inelastic*- toothpaste goes up but i need it.

Elastic*- the price of a boat went up and i didn’t buy.

Shortage-The price of iphones went up becasue of a shortage.

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Kobe

Price floor- minimum wage

Specialization- all my workers have a certain job that they are good at the speed up the job.

Demand- I want a Phone and i am willing to buy it.

Surplus- There is extra supply so it is cheaper.

Price ceiling- Rent control.

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Kobe

*Vertical merger- an example of merger is watching a disney pixar movie

*Command economy- If i worked for a minimum wage

*Business franchise- Dunkin Donuts

*Free Enterprise System- If I wanted a new phone. Producers and Consumers decide to make the phone.

*Market Economy- In a Market Economy the reason why I choose to make a business.

Kobe

Outsourcing- Walmarts in Asia

Barter- I trade an apple for a water bottle

Price Floor- Minimum Wage at a job

Uniformity- The dollar bill is recognizable.

Durability- Money can go through the wash and get wet.

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Hannah

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*Legal Equality: Sam and I have the same rights to go and start a business, just as much as Yasmin and Alice do.

*Market Failure: Attending the St. Patrick's Day Parade in Binghamton and not paying money to watch or at local business could result in a Market Failure.

*Negative Externalities: I have to go to school and this lessens the time that I can work, and earn money.

*Positive Externalities: Getting a bad grade on a test and the curve results in my grade being boosted.

*Tradeoffs: I chose to leave tennis practice early to work on student council yesterday.

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Hannah

Public Goods: I drive to school every morning on Farm to Market.

Competition: When I bought my mother’s fitbit for her birthday, Best Buy let me price match with Amazon.

Profit Motive: When I was younger, to sell more Lemonade with a small amount of lemons I would add water, resulting in an increase of Lemonade, but being able to use the lemons efficiently.

Scarcity: When ordering my phone, I had to wait an extended length of time, because the product was in such high demand.

Individual Choices: I have the choice to buy Nike shoes rather than Adidas shoes.

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Hannah

*Elastic: Buying a new phone would be elastic because it is a large part of my income.

Surplus: If I make and try to sell 100 bracelets and only sell 20 to my friends I have excess supply.

Shortage: I wanted the new Iphone when it came out but its was in such high demand that I had to wait to purchase it.

Price Floor: I get paid minimum wage at Summer Fun, because there is a price floor.

Price Ceiling: My cousins who live in NYC have to pay so high for rent because New York City has put a price ceiling on the rent.

Hannah

Income Effect: When I do not have any money, I am more likely to buy Toasted O’s v. Honey Nut Cheerios.

Demand: I wanted new shoes and are willing to pay for them, therefore I have a demand for them.

Specialization: If while trying to produce lemonade, I would focus on squeezing the lemons and have Kylie focus on stirring the lemonade.

Substitution: I buy more pancakes and fewer waffles.

Competitive Pricing: I lower the prices of my lemonade to lure consumers away from people purchasing Kylie’s lemonade.

Hannah

*Wants: I want a yacht, but I do not have enough money to satisfy my want.

*Command Economy: In a command economy the government would know if I can afford my yacht or not.

*Free Enterprise System: If I was in need of a phone that had holograms. Producers and Consumers decide to make the phone.

*Market Economy: In a Market Economy the reason why I choose to make a business to sell lemonade because it motivates me to make profit.

Corporations: I have the ability to buy stocks in IBM.

Hannah

Differentiation: There is differences between my Iphone and my sisters Samsung Galaxy but they are both mobile devices.

Multinational Corporation: The Nike Shoes I wear come from a multinational corporation.

Sole Proprietorship: I have all the responsibility when I make my own lemonade stand.

Partnership: If Sam and I produced a shoe company together we would be in a partnership.

Merger: If Sam had a shoe company and I had one we could merger and double our capital.

Griffin

Market Failure: Is a free rider watching the fireworks without paying

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Disadvantages of a traditional economy: would be a woman not allowed to make as much as a man does

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Socialism: a business owner having to buy their resources from the government

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Nationalize: The government buying a railroad to reduce shipping cost from a private owner

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Public Goods: Someone from out of state using a Binghamton Stoplight

Griffin

Wants: new golf clubs

Needs: water food shelter

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Griffin

*producers- i buy an iphone because the other phones are more expensive

*market supply curve- a market supply could show all the prices of the golf clubs

*law of supply- if the price of golf balls increases then the supply increases

law of demand- if the demand for cell phones goes up then price goes up

elastic demand- i wouldn’t buy new shoes if the price went up

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Griffin

inelastic demand- i would buy toothpaste even if the price went up

shortage- the new surface book is more expensive now that there is a shortage

surplus- things go on clearance when there is a surplus so pricegoes down

price floor- minimum wage

demand- i am willing and able to buy a product

Griffin

*vertical merger- sirius and xm radio merged to create one radio station

*labor- my house was built by workers

*scarcity- the money in my pocket has value because of scarcity

*command economy- the government sets the prices for businesses

*labor union- the teachers at ME have a union to makes sure the conditions are up to par

Griffin

*market economy- me as a consumer helping to decide on pricing for products

price ceiling- paying a set amount of rent per month

price floor- i make minimum wage at my job

barter- i will trade you a mint for a hershey's bar

outsourcing- mcdonald's in europe

Cherish

• Opportunity cost*- the value of the alternative that you give up
• Giving up 2 hours of hanging out with friends for 2 hours of staying home and studying.
• Trade off*- the alternative that you give up when you make an economic choice
• An example would be going to college for 4 years or getting a job and working right away
• Market economy*-are based off of individual choices
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Cherish

Cherish

• *Inelastic demand is a given change in price causes a small change in the quantity demanded
• An example would be insulin because there are no substitutes, the purchase of it cannot be delayed, and it is a small portion of income.
• *Elastic is when a change in price causes a relatively large change in quantity demanded
• An example would be coffee because you can buy Dunkin Donuts instead of Starbucks, you don’t need it everyday, and can become a large portion of income buying it everyday.
• *Elasticity of supply is when supply is very sensitive to changes in price
• An example would be the demand of pizza increasing causing the supply and price to both increase as well.
• *Unitary elasticity is the percentage change in price is reflected by the same percentage change in supply
• An example of this would be buying 10% less candy because the price increased 10%

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Cherish

• *Surplus when the quantity supplied is greater than the quantity demanded at a given price
• An example would be when halloween candy goes on sale after halloween because the demand for it has decreased
• *Shortage is when the quantity demanded is greater than the quantity supplied at a given price
• An example of this would be when the supply of winter coats is less in the summertime because there isn’t a high demand for them.
• *Change in demand would be when consumers income increases or decreases
• An example would be when consumers income increases they buy more normal goods and less inferior goods
• *Complements are related goods, like milk and cereal. When the price of goes down the demand in milk increases
• *Expectations is the way people think about the future
• An example would be a snowstorm causes people to buy more shovels and coats

Cherish

• Product Differentiation*: real or imagined difference between competing products of the same industry
• Example: There are different types of toothbrushes made by different companies, there are electronic, and some have grips on the back of them.
• Horizontal merger*: join two or more firms competing in the same market with same good or service. Example: Exxon and Mobil gas station
• Monopolistic competition*: has all the conditions of perfect competition except for identical products. Example: Fast food restaurant like Burger King, Wendy’s, McDonald’s
• Corporation*: a legal entity owned by individual stockholders, each of whom faces liability for the firm’s debt. Example: Google, you can buy stock in Google
• Multinational Corporation*: operate in more than one country at a time. Example: Wal-mart, there are many different stores all over

Cherish

• Bartering*: Exchanging goods or services for other goods or services. Examples: exchanging apples for wheat.
• Command economy*: a economic system where the government decides what goods and services are produced. Examples: North Korea has a Command economy.
• Commodity*: items have value in themselves, apart from their value as money. Examples: gold, precious stones,salt, olive oil, scare or useful.
• Commercial Bank*: privately owned commercial banks are oldest types of banks: Examples: M&T bank is a commercial bank.
• Credit scores*: can be affected by your charges. Examples: A good credit score is 680 or higher, a low credit score is 350-600, the national average is 692.

Mike

When town of Maine taxes go up, my house value goes down, something was affected beyond my control, that is market failure*.

A trade-off* is when a person gives up some of one thing to get more of another. When I buy gas for my car, i’m giving up some of my money to get more fuel.

When we needed a new floor for our kitchen, we may have wanted to use a decision-making grid* to decide what to use.

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I’m able to drive safely with stoplights because of public goods*.

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Mike

My grandfather wanted to open a auto repair business 40 years ago he was able to, the idea that anyone can open a business is open opportunity*.

Needs* are something essential for life that you can’t live without. I may want* a new cell phone as a luxury , but i need clean water.

I breathe clean air because in a modified free enterprise system* the government regulates the private companies*.

I give up money to buy new shoes. And that is economic choice*.

Mike

When I buy gasoline, I buy around the same amount of it regardless of price which makes it inelastic*. If the price of a pair of shoes goes up, I might not buy it making it elastic*.

If i am willing and able to buy a new phone, there is demand*.

In the winter fruit is expensive because there is a shortage*.

When soda goes on sale, it’s cheaper so I’ll buy more of it and that’s the law of demand*.

When I buy gasoline, it’s a variable cost* because the price is constantly changing.

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Mike

If the people of Broome county are willing to pay more for something, the suppliers will produce more, that could be shown on a supply curve*.

Best buy could put a TV on sale to lure customers away from Walmart, that is competitive pricing*.

I could buy less coke to buy pepsi, that’s the substitution effect*.

If the price of fuel goes up, producers will supply more, that’s the law of supply*.

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Mike

If I lived in a command economy*, the government would own the corporations and they would decide the products that I would use.

If i have $20 in my wallet, it would be fiat money* because the government says it has value.

My money is called currency* because it has uniformity* ,and has a store of value*.

I have a savings account with Visions, which is a credit union*.

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Mike

My grandfather started a business with his friend, so it was a general partnership*.

When I go to McDonalds or Burger King , I am eating at a franchise*.

When I go to Walmart, I pay the standard price for things because it is a price maker*.

If i buy salt, there are no name brands and no differentiation, so it is perfect competition*.

Ben

Profit Motive* is shown in stock, where everyone has the want to make more money.

An example of Competition* is when I shop at Dicks because I get a 25% discount through coupons instead of Champ’s Sporting Goods

Market Failure* is caused by both positive & negative externalities; aka 2011 Flooding led to loss of land value or a business owner gaining employees with a university education.

Tradeoffs* occurs when you want two objects but have enough currency for one. So you can either choose to buy the more expensive one or the other which may give you a little bit of the other.

Opportunity Cost* happens when I chose a car over a bed, instead of sleeping comfortably I can instead drive wherever I want.

Ben

The idea of Scarcity* is shown with the reveal of the iPhone 6s and the lack of product sold to Apple’s consumer base.

A Modified Free Enterprise System* is described the United State’s Capitalist System where the Government intervenes little with businesses and the Economy.

I become a Free Rider* when I watch fireworks in a different town where I didn’t pay for them through taxes.

I have Needs* for food, shelter, and clothing.

I have Wants* for an unlimited number of shoes, cars, and $50,000,000 mansions.

Ben

Elastic - If the price of new shoes goes up I don’t have to buy it.

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Inelastic - If the price of toothpaste goes up I will still buy toothpaste.

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Surplus - When I go into a store & I see sandals even though it is winter.

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Shortage - When I want to buy a new device on release day but there are no more in the store.

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Demand - My want and willingness to buy something on the market

Ben

Price Floor - Me making minimum wage income.

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Income Effect - If my income for the week is less than usual I may buy cheaper goods instead of normal goods.

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Compliments - If I buy cookies I will by milk.

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Fixed Costs - A business having to pay for insurance costs.

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Equilibrium Price - The demand and price for a product is equal

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Ben

Monopoly - I own a business which is the only company which produces t-shirts.

Public Goods - streets lights being available to everyone & snow plows plowing the roads for all cars.

Opportunity Costs - if I owned a business which produced t-shirts the costs to make a new product, socks, would increase.

Labor Union - teacher’s belong to a labor union or a teacher’s union.

Telecommuting - most web designers are telecommuters who work within their homes.

Ben

Commodity - instead of trading money I can trade gold & diamonds too.

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Sole Proprietorship - I decide to start a business myself & I am the sole owner.

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Partnership - I decide to start a business with a few friends of mine.

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Brianna

*the profit motive is involved in my life when I’m interested in buying supplies for school.

*an example of competition is when we choose to buy varsity brand sneakers rather than nifinity brand sneakers because they cost less.

*An example of being a free rider is during the 4th of july my family went to rhode island and watched fireworks.

*an example of when I gave a trade off was when I gave up buying 3 pairs of shoes and instead only bought 1 and was able to buy more clothes.

*an example of a decision making grid would be using a pros and cons list when making an important decision.

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Brianna

• An example of how scarcity affects everyone is not being able to buy common presents during christmas time because they are in high demand.
• An example of public goods would be when the town paves the roads after a rough winter.
• The 2nd factor of production, labor, is in my life when i go to work.
• Coupons are incentives in life that influence me to buy a certain product.
• An example of microeconomics in my life is how my family affects the economy by having jobs.

Brianna

*An example of when there is a change in supply is when the weather changes and winter comes there is a larger supply for winter coats.

*Equilibrium price is shown during the holidays when there is a high demand for holiday cards,the supply must equal the demand so a price can be met.

*Insulin is an example of a inelastic demand because it is a necesity.

*Purchasing A new car is elastic because it is a large portion of your income.

*Buying more of a product when they are on sale shows the law of demand.

Brianna

• The clearance section in a store shows the excess supply of a product, causing a surplus.
• An example of a shortage is during christmas time when there is a product that everyone wants, but not enough of them have been supplied.
• An example of a price floor is minimum wage.
• An example of a price ceiling is when there is a maximum rate a landlord can charge for rent.
• An example of the law of supply is when there are many bikes being produced and purchased and the producer raises the price.

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Brianna

*An example of scarcity is when a product such as a christmas toy is is on high demand during christmas and becomes unavailable.

*The United States uses a free enterprise system which is an example of a mixed economy.

*Going on strike is a way labor unions battle for better wages and better working conditions.

*When the holidays come and a producer chooses to make more candy canes than lollipops they now need more resources to make both products.

*XM radio and Sirius RAdio combining to create siriusXM radio was an example of a horizontal merger

Brianna

• Product differentiation is shown when i choose to buy an iphone rather than a samsung smart phone because I am more accustomed to iphone features.
• When my family looks at how we affect the economy we are looking at microeconomics.
• When the economy is looked at as a whole we are dealing with macroeconomics.
• My uncle is an example of a Blue Collar worker because he works in construction.
• Telecommuting has given many people the ability to complete standard in office jobs from home

Caitlyn

Legal equality- I would have the same chance as opening up a business and make money as anyone else would.

Economics- limiting resources for our use

Seeking opportunity profit is best by using cheap resources to make more money

If i stop buying products and paying for them and so did everyone else then market failure will occur

if i am a part of the local fire department i am doing a public good

Caitlyn

Choosing whether or not to buy a new tv or not affects the marketplace because if i decide not to buy it my money isn’t going into the economy

Giving up buying a coffee and instead drinking water is a trade off

BUying one more gatorade instead of just one is marginal benefit

coupons are examples of command economy

If i go into weis and buy anything i am a consumer

caitlyn kennard

-Law of Supply- there is a direct relationship between price & quantities. If the price goes up the quantity supplied will. Ex. If babysitting and have a lemonade stand, if the price of the drinks are 50 cents u might not want to continue but if you are selling them for a dollar there is more incentive to sell more. - Substitution effect is the idea that when prices for an item go up consumers will replace that item with one similar for less money. Ex- having a bagel over a muffin for breakfast because the muffin price is now higher -Elastic Demand is an item that price fluctuating really matters. Ex. a boat or car -price ceiling is a set price by law saying that it can not be any higher than it is ex. rent in NYC -price floor is a law that sets the minimum price of things Ex- minimum wage

caitlyn kennard

-Variable Cost- is extra money you need to run a business and money to set aside. For ex. if u run a business u need to set aside money for electric and heat -Law of demand is the idea that is a price is lower more people will want to buy it. Ex of this is if i see a drink like arizona ice tea for 99 cents i would get that over something that costs more -inelastic- is price increase doesnt affect buying habbits. An ex. of this is is i went to the store i wouldnt not buy salt bc its 10 cents more than before. -specialization is when someone becomes really good at a certain job and raises profit potential. Ex is more intricate design on necklace means more people will want to spend their money on it. -market equilibrium is when the economy balances out itself making the demand equal quantity supplied. ex. if the price is too high demand will decrease then price

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Caitlyn

*vertical merger- when two companies with different products combined for a final end goal (time warner cable turner corp) *equilibrium wage- this is workers needed v workers available. If there is a shortage of workers there will be higher pay and too many workers is less pay.(ex my friend works at sears almost everyday bc they are low on workers) *outsourcing is bringing jobs to other countries. for example buying certain parts of a product from other countries to benefit (calling TW and not fully understanding costumer service *mixed economy is an economic system with multiple market types ex. france

macroeconomics deals with economics as a whole

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Caitlyn

Product differentiation is making your product better than a similar product so consumers will buy your product. Ex Mcdonald's big mac VS BK whopper

Monopolistic competition is many businesses selling similar products. Ex Jeans from Aero or Hollister

Franchise is a business that can expand throughout a region or even country ( ex my cousin works at a wendy's in kirkwood and its one of many)

telecommuting is working in a place other than office (ex my aunt use to answer calls from home bc she wasn't very mobile

wants are things that humans desire (ex i want new clothes

Becca

* Market Failure

-*Negative Externality: Someone was under the net during volleyball so when I landed after hitting I landed on her and sprained my ankle.

-*Free Rider: I went to Florida to visit my little cousins and we went to a park there. I don’t pay the taxes in Florida but I benefit since I am able to go to the park for free.

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*Positive Externality: When other people get flu shots. I have no control over who gets flu shots but it benefits me because the more people that get flu shots the less chance i have of getting the flu since I won’t be around the virus.

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*Traditional Economy: I am not limited by gender roles.

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*Command Economy: Wages are not similar therefore I have the power to make as much money as I want if I put in the effort.

Becca

Economize: I decided to stay home to eat dinner instead of going out to eat. I made my decision based on the best combination of costs and benefits.

Wants: I really want another dog but I do not need it for survival.

Opportunity Cost: I wanted to make cookies and brownies but didn’t have enough time to make both so I made brownies instead. My opportunity cost were the cookies that

I did not get to make.

Global Economy: I participate in the global economy because I buy stuff online that I can’t get around here.

Voluntary Exchange: I buy food from Wegmans which benefits me because now I have food which is needed for survival. Wegmans also benefits because they make a profit.

Becca

Consumer Tastes: I used to buy velcro shoes when I was little and now I buy ones with shoe laces. (Age changed my consumer tastes.)

Complements: If I buy more salad, I will buy more dressing.

Elastic: I bought a new shirt the other day but I had a choice to do so. It was not needed at the time, it could’ve been delayed..

Inelastic: I had to go to Cvs to pick up my prescription medicine. I did not have a choice to do so being as I needed it.

Variable Costs: Having the heat on in the house during Winter but not in the Summer. This cost isn’t fixed and changes based on the season/temperature.

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Becca

Change in Supply:

-*Production costs decrease: Now the company can make more winter coats which results in me having more options to choose from

-*Wages increase: If my boss increases everyone’s pay, we will have more money to spend but then their will be a decrease in output for the company because more money is going to the workers instead of the materials.

-*Regulations increase: If regulations are increased for a food industry, the supply will decrease but increasing regulations protects me a a consumer.

-*Taxes increase: Now my favorite clothing store has a decrease in supply because they have less to spend on materials to make the clothes.

*Equilibrium Price: A football stadium is selling tickets for the game. They found the perfect price to sell them for because their wasn’t a surplus or shortage. The quantity supplied equalled the quantity demanded.

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*Product Differentiation: I chose to buy a lifeproof iphone case as opposed to a generic waterproof case because lifeproof has a warranty and the case is more reliable.

*Horizontal Merger: If pepsi and Coca-cola combined to become one company.

*Command Economy: We don’t have a command economy so there’s no limit on how much I can make. I can make more money if i out in the effort to do so.

*Public Goods: When I go to Syracuse I am able to drive on the roads even though I don’t pay taxes for them.

*Market Economy: We have a mixed economy which includes some aspects from a market economy. EX: I have individual freedom. I decide how I want to live my life and what job I want to pursue.

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Non price competition: When I was younger I always bought the cereal with the free toy in it as opposed to one the same price without a toy.

Regulation: The government protects me as a consumer by putting certain regulations/standards on companies. For example food companies have to list every ingredient in the food.

Store of value: I have a giftcard to American Eagle.

Fiat Money: The cash I use to buy things only has value because the government says it does.

Debit Card: I have a debit card linked directly to my bank account so I don’t have to go to an atm to get cash.

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Nicoletta

*Market Failure- I am a free rider when I go to watch the fireworks in a different town that I live in because I don’t pay that town's taxes.

*Public Good- I use public goods at school because I use the textbooks they provide for students.

*Marginal Benefit- If I buy two hershey's chocolate instead of one.

Legal equality- I have the same opportunity as everyone else to open a business.

Economic Choices- When I decided to buy two pairs of shoes instead of one.

Nicoletta

Trade off- If I chose to go to lunch instead of go shopping at the mall.

*Market Economy- When I go to the store to buy something because I am a consumer and I have consumer sovereignty.

*Traditional Economy- I am not limited by gender roles.

*Command Economy-

Wants- I want a new Vera Bradley backpack but I don’t need it for survival.

Nicoletta

*Variable Costs- The price of heat changes when you don’t need it. We don’t need heat in the summer.

*Substitution effect- If you can’t find a vera bradley at the outlet store you can try to find it online.

*Surplus- If I go to the store and they have a sale on jeans.

*Shortage- The price of jackets goes up during the winter because there is a higher demand for it.

*Specialization- If I work in a car shop and I specialize in changing the oil of the cars I become better at that specific job.

Nicoletta

Elastic- If the price of sneakers go up I might buy another brand or cheaper ones.

Inelastic- If the price of my daily medicine goes up it doesn’t affect me buying it because I need it.

Equilibrium- If the demand for cereal goes up the demand for milk will also go up.

*Law of Supply- If there are many binders being produced and purchased the producers will raise the price of them.

*Complements- If I buy more peanut butter I will buy more jelly.

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Nicoletta

*Vertical merger- Disney and Pixar combine to make one movie.

*Negative Externality- When I’m late to work because of the construction on the roads which causes traffic.

*Market Economy- I can make my own decisions in life such as where I want to work.

*Command Economy- In a command economy the government would know if I could afford my own jet.

*Public goods- If I go to the state fair in Syracuse even though I live in Endwell.

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Nicoletta

Divisibility- I can get change for a $20 bill.

Product Differentiation- McDonald’s Big Mac and Burger King’s Whopper.

Portability- I can fit my money in my pocket.

Bartering- I can trade my skittles for my friends snickers bar.

Price Maker- Walmart is a price maker because when I buy things from there I pay the standard price.

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Yasmin Nazario

• Legal Equality* is giving everyone the same economic rights under the law.

Legal Equality affects my daily life because I pay the same amount of taxes on food and items like everyone.

• Desire* is something that you want.

Desire affects my life everyday because I always want something.

• Profits* is something you gain for yourself.

Profits affect my life because every time there are sales in stores I gain money back.

• Consumers* make their own choices on which goods and service they will buy.

In my daily life I am a consumer. For example I am a consumer at the pizza shop.

• Marginal Benefit* is the satisfaction received from using one more unit of good or service.

I sell cookiem 2 for one dollar and my marginal benefit is to produce more cookies.

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Yasmin Nazario

• Trade Off- In my daily life I have to give some stuff up to receive what I want. For example I had to give up on going out to save up money.
• Public Goods- I use public goods daily because the school and government gives me free food.
• Needs- My daily needs are air, shelter, and clothing.
• Labor-I put effort and time into my school work.
• Taxes- I pay taxes for everything

Yasmin Nazario

Market supply curve*

• If I was selling shoes and Hannah was also selling shoes both Hannah and I will show up on the market supply curve.

Equilibrium*

• Higher demand of milk will be a higher demand on oreos.

Demand*

• I am willing to buy pants because I want and could afford them.

Specialization*

• If I work in a factory and if I keep sewing I will become better.

Law of supply*

• If the supply of chargers goes up then the producer will increase price of charges.

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Yasmin Nazario

Shortage*

• In H&M during the summer there a few bathing suits because the demand for it is increasing.

Variable Cost

• Data overage

Substitution

• If you can’t find chocolate milk, you could find regular milk.

Surplus

• There is this shirt that I want but it is too expensive therefore at the store there a surplus of shirts in the store.

Price ceiling

• When I live in New York City my rent was really exspensive because the landlord set the price at the price ceiling.

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Yasmin Nazario

Monopoly*

Nyseg supply the gas to my house.

Product Differentiation*

Apple watches and fitbit are similar but different because fitbit counts your steps and apple watches does many other things.

Command Economy*

If the government sets my wage they could determine if I could buy a plane.

Corporation*

When I get older I will buy stocks in Wall Street Bank.

Working Conditions*

When I get older the bank I will be working at will provide me with a safe environment.

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Yasmin Nazario

General Partnership

George and Nazario opens a business it would be a general partnership.

Sole Partnership

If I open a business by myself it would be a sole partnership

Surplus

I still have money left over from last month.

Wages

Everyone that works has a wage.

Equilibrium Price

If rings stay the same price that is equilibrium price.

Michaell

Incentive: If i were to offer Corey money to cut my trees down he’d be more eager to do it.

Nationalize: If i sold my company to the government

Privatize:If the government gave me my company

Public Goods: The Military

Modified Free Enterprise: I’m protected by the government on most things but not all.

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Michael

Scarcity*: This affects my life because when I go to the store I have to buy the things I need not what I want, but if I have extra money I can buy what I want.

Market Failure*: This could affect the prices of our everyday needs.

Tradeoffs*: I may have to give up some free time in order to get a better grade in econ

Cost benefit*: Use a windmill to get energy.

Marginal Benefit/Marginal Cost*: I may have to pay more but I’ll get a better usage out of my product.

Michael

Number of producers*- If there is less producers there will be less stores for me to buy stuff from.

Income effect-* If I don't make as much money i won't be able to buy name brand things

Inelastic*- If the price on insulin goes up I'll still have to buy it

Supply Curve*- Market supply curve shows the amount all purchase

Supply curve*- shows the amount an individual purchases

Michael

Surplus: If i go to the store and they have a sale on shoes.

Shortage: if i go to the store and the price went up on a shirt.

Price floor: I can't make below minimum wage

Price ceiling: my apartment rent cannot be higher than a certain amount

Variable Costs: My electric bill can vary

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Michael

Business Organization*: I want to own a business by myself.

Opportunity Costs*: I have to take materials from creating my pants so I can produce more shirts.

Command Economy*: setting wages so they know who has how much money.

Mixed Economies*: taking different forms of economies and putting them together for a variety.

Public goods*: I can use their street lights even if I don't live in that town.

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Michael

Inelastic: There isn't a replacement for insulin

Bartering: I trade my pear for Corey’s apple

Portability: I can put my money in my pocket

Durability: My money can go through the wash and be fine

Divisibility: I can split my money up

Dan

Incentive: Dingman would be more likely to go to GameStop for me if i were to pay for his gas to get there.

Tradeoff: If i spend more time studying, I’d have to spend less time with friends.

Opportunity Cost: If i were to stop making one thing in order to make more of another.

Public Goods: Streetlights help keep me safe from cars when I walk to SubWay during my free periods.

Marginal Benefit: The benefit I would experience in my Super Smash Bros game if I were to buy one more Amiibo.

Dan

*Market Failure: The market will fail if i benefit off of something Hannah is paying for.

Profit Motive: I go into business hoping to get money.

Free Enterprise System:

Competition: If Michael and I both went into business, he may try and lower his prices so my customers will go to him.

Capitalism:

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Dan

*Law of Supply: they will supply more Marth amiibos because they know people will spend more money on them.

Law of Demand: they have less Marth amiibos, so the price goes up

Demand: how much people shopping want to buy

Supply: how much the store has for me to buy

Market Supply Schedule: a chart showing the quantity supplied of all stores in a market.

Dan

Market Demand Schedule: a chart showing the quantity demanded for all stores in a market

Surplus: the store has flip flops on sale during winter because they had too many over summer

Shortage: the price of flip flops goes up during summer because everyone wants them and they don’t have enough

Market Equilibrium: they had the perfect amount of flip flops sold compared to how many they had.

Demand Schedule: a chart showing the quantity demanded for one individual store

Dan

Vertical Merger*: an ice cream producer buys a dairy farm

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Binding Arbitration*: management and labor agree ahead of time to accept the decision of an impartial third party.

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Opportunity Costs*: if i make 10 shirts, i can only make 5 pants.

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Command Economy*: the government controls all of the businesses

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Nationalize*: if i were to start a business and the government took control of it.

Dan

Bartering: I can trade a banana to get an apple.

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Labor: the time effort and talent i put into making something.

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Wants: something i would like, but isn’t a necessity of my survival. (i.e. the Ryu and Roy amiibos that are released in march.

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Needs: something that is a necessity to my survival (i.e. food and water)

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Equilibrium Price: when the amount they have available is equal to the amount I want.

Austin

• Term: Market Failure*
• Connection: I'm a free rider when i go to the races for free
• Term: Negative Externality*
• Connection: It wasn't my fault the race car broke but i still won
• Term: Infrastructure*
• Connection: A Chevy 350 Motor was a public good for my race car
• Term: Economic Choices*
• Connection: I either had to give up a bigger cam to get better headers or keep the cam and not get the headers
• Term: Scarcity*
• Connection: I needed new tires for my jeep, but they didn't have any

Austin

• Term: Trade off*
• Connection:I had to give up new rims for my race car to get new tires
• Term: Open Opportunity*
• Connection: I had the opportunity to make my race car faster
• Term: Competition*
• Connection: My teammate was blocking me on the race track
• Term: Profit*
• Connection: I made a very big profit when i won my race
• Term: Profit Motive*
• Connection: i was determined to win my race to make a profit

Austin

Term: Supply Curve*

Connection: When gas prices go up, i get less gas sometimes.

Term: Elastic or inelastic demand*

Connection: I can wait to buy a drink from the gas station but not to buy my medication.

Term: Specialization*

Connection: i specialize in working on cars.

Term: Marginal product*

Connection: When i get two Mountain Dew’s for the price of one.

Term: Change in Demand*

Connection: When i want new tires but there’s a shortage.

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Austin

Term: Elastic and Inelastic Supply*

Correction: When i need tires and the price goes up so does the quantity of different types of tires.

Term: Surplus*

Connection: When i have enough money to buy things i want.

Term: Shortage*

Connection: When i don’t have enough Macaroni to make Macaroni and Cheese.

Term: Market Equilibrium*

Connection: When i needed gas, there was plenty of gas.

Term:Change in Demand*

Connection: When i demanded tires, but then i got gas instead.

Austin

Term: Monopoly*

Connection: A monopoly supplies necessities that i need.

Term: Corporation*

Connection: I can buy a stock from a corporation, and invest in it.

Term: Increasing Opportunity Cost*

Connection: A company makes more of a product that i need than another and works out on both ends of the deal.

Term: Scarcity*

Connection: I don’t have enough money to buy a new truck.

Term: Command Economy*

Connection: I can not control minimum wage, the government does.

Austin

Term: Mixed Economy*

Connection: I have choices with what i want to buy or do with my life unlike other Economies.

Term: Market Economy*

Connection: The price of tires depend on supply and demand, which in return helps me decide whether to buy two or four tires.

Term: Public Goods*

Connection: I can call 911 whenever there is an emergency, for free.

Term: Negative Externality*

Connection: I have no control over gas prices when they go up.

Term: Labor*

Connection: I am doing manual labor, when working on vehicles.

Will

Term: scarcity *

connection:I need new U-Joints for my truck, but they didn't have any.

Term: market failure*

Connection: i'm a free rider when i fix my truck at work for free

Term: trade off

connection: i had to give up new Tires, so i could change my clutch.

Term: opportunity cost

connection: I couldn't put as much gas in my truck because i wanted to put gas in my Dirtbike

Term: public goods

Connection: I can use the streetlights in Binghamton even though i dont live there.

Will

Labor: I put time and effort into work every day

Negative Externality: I get stuck in traffic on the way to work

modified free enterprise system: I cannot work more than 6 hours without a lunch

Wants/Needs: I want a new truck, but I NEED food

Incentive: I had more experience than the other guy applying for the job so they had more Incentive to hire me.

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Will

Reason for a change in supply*: An increase in snow tire supply because winter is coming

Law of supply*: The higher the price of tires the more I sell

Elastic*: A new truck, if the price goes up I may change my mind and not get one

Inelastic*: It doesn’t matter if the price of gas goes up, I still need it.

Specialization: One person will change tires while the other changes the oil

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Will

Change in demand*: Price of orange juice goes down I will buy more

Shortage: The demand for carburetor gaskets is greater than the supply.

Surplus: The supply of shorts is greater than the demand

Market Equilibrium: When the producer and consumer agree on the price of boots

Complements: When I buy more Hot Dogs I buy more buns

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Will

*Monopolistic Competition: many firms sell groceries, but weis’ products are differeant than Walmarts

*Equilibrium Wage: the need for workers at Mavis matches the number or Employees we have.

*Public Good Rationale: the lights dont shut off in vestal when i drive on the parkway.

*Binding Arbitration: My boss and i had to be on the same level of understanding before he could hire me

*Independant Contractor : Someone hires me to maintain their yard and exterior of home in the spring summer and fall

Will

Product differentiation: A cooper Discoverer is different than a Starfire 510

Wages: i make more money because i have a dangerous job.

Wants: i want a new truck.

Labor: i have to put a lot of time effort and talent into my high labor job.

Surplus: we have a surplus of winter tires at work because of the late snowfall.

Vinny

Market Failure*- Seeing fireworks which would be a free rider because the people freely watching the fireworks are not paying for it.

Trade-Off*- I walk to school but the trade-off would be saving gas.

Decision-Making grid*- The pros and cons for choosing what pet I want to buy.

Command Economy*- When the government limited how many fishing licenses could be sold.

Marginal Benefit*- When I had two bananas instead of one.

Vinny

Public Good- Stopping at the the street lights on the way to school.

Incentive- Getting a academic scholarship for working hard in school.

Needs- Buying a bottle of water.

Wants- I want to buy a new pair cleats.

Privatize- Took my government owned business and made it into privately owned.

Vinny

Change in Supply*- Increase in supply of coats because of winter coming

Specialization*- I specialize in lacrosse

Substitution effect*- Buying fewer Itunes and listening to free music on spotify

Shortage- The demand for shoes is greater than the supply

Elastic Demand*-Buying a new car

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Vinny

Competitive Pricing- Saying bad reviews on nike products

Market equilibrium- The quantity demand of sunglasses equals the quantity supplied

Surplus- There is excess amount of oranges cause prices to drop

Price Floor- Get at least minimum wage for my job

Law of demand- When there are discounts on clothes I will go buy more of them

Vinny

Product Differentiation*- Mcdonald’s Big Mac and Burger KIng’s Whopper

Multinational Corporation*- Nike Shoes made in Asia

Wage Rates*- A firefighter has a higher wage than a teacher’s wage

Outsourcing*- New jobs in italy

Public Good*- Street lights keep in areas I don’t pay tax for

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Vinny

General Partnership- Griff and I start a company together

Equilibrium Price- Quantity demand of shoes equals the quantity supplied for shoes

Barter- I will trade you a skittle for an airhead

Price floor- I make minimum wage

Price ceiling- Paying a set amount of rent per month