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18 Cards in this Set

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What are the four basic factors of production?
entrepreneurial skills, natural resources, labor, capital
Gross Domestic Product (GDP)?
total dollar value of all final goods and services produced in the nation in one year.
Gross National Product (GNP)?
total dollar value of all final goods and services produced in the world by American companies in one year.
1767 Townshend Acts
created unification among colonies

tax on cloth, paper, tea, lead, paint
Proclomation Act of 1763
ban settlment west of Appalachain Mtns.
Coercive Acts
(Intolerable Acts)

1773-ish
MISC, quartering, restricting meetings
1765 Declaratory Act
British has the power to tax whenever.
1765 Stamp Act
stamp for paper goods/printed to show that you paid the tax: Unification
French-Indian War
Seven Years War
began in 1758
added English troops, Iroquouis aided English
Absolute Advantage
Best at doing something, NICHE, countries are unique
Comparative Advantage
not in best interest to do something even though he is capable/better due to oppurtunity costs

(COMPARING TO OTHER FACTORS, OPPURTUNITY COSTS)
Mayflower Compact
written charter, rights, basic gov't strucutre, by pilgrims (Puritans)
Letters corresponding to the Price/Quantity (demanded) curve?
D-S
Demand ___________?
Supply ___________?
D-decreases
S-increases
regressive tax
equal among everyone
caveat emptor
let the buyer beware
law of supply
Lower price --> Lower supply

DIRECT
law of demand
Higher price --> lower demand

INVERSE