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18 Cards in this Set
- Front
- Back
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What are the four basic factors of production?
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entrepreneurial skills, natural resources, labor, capital
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Gross Domestic Product (GDP)?
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total dollar value of all final goods and services produced in the nation in one year.
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Gross National Product (GNP)?
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total dollar value of all final goods and services produced in the world by American companies in one year.
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1767 Townshend Acts
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created unification among colonies
tax on cloth, paper, tea, lead, paint |
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Proclomation Act of 1763
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ban settlment west of Appalachain Mtns.
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Coercive Acts
(Intolerable Acts) 1773-ish |
MISC, quartering, restricting meetings
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1765 Declaratory Act
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British has the power to tax whenever.
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1765 Stamp Act
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stamp for paper goods/printed to show that you paid the tax: Unification
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French-Indian War
Seven Years War |
began in 1758
added English troops, Iroquouis aided English |
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Absolute Advantage
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Best at doing something, NICHE, countries are unique
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Comparative Advantage
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not in best interest to do something even though he is capable/better due to oppurtunity costs
(COMPARING TO OTHER FACTORS, OPPURTUNITY COSTS) |
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Mayflower Compact
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written charter, rights, basic gov't strucutre, by pilgrims (Puritans)
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Letters corresponding to the Price/Quantity (demanded) curve?
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D-S
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Demand ___________?
Supply ___________? |
D-decreases
S-increases |
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regressive tax
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equal among everyone
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caveat emptor
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let the buyer beware
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law of supply
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Lower price --> Lower supply
DIRECT |
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law of demand
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Higher price --> lower demand
INVERSE |
