Micro Econ/ Money
Labor
Businesses
Supply and Demand
100
The study of how human individuals impact the allocation, utilization, and distribution of scarce resources in society
What is Microeconomics?
100
An organization of laborers formed to protect workers rights.
What is an union?
100
A person who has an idea and is willing to risk putting it into action by starting a business.
What is an entrepreneur?
100
As price goes up quantity goes up.
What is the Law of Supply?
200
Coins and paper bills used as money.
What is Currency?
200
The first major labor union in the United States.
What is the Knights of Labor?
200
A business owned and operated by two or more people.
What is a partnership?
200
As price increases quantity decreases.
What is the Law of Demand?
300
Generally Acceptable
Can be counted and measured
Durable
Convenient
Inexpensive to make
What is our money?
300
Someone who works for an employer for an agreed upon sum of money
What is wage labor?
300
A business model where the company is legally separate from the owners.
What are corporations?
300
One person's spending is another persons income.
What is a principle of economics?
400
A medium of exchange
A standard of value
A store of value
What are the basic functions of money?
400
The complaints workers had that led to the formation of labor unions.
What were
Dangerous Working Conditions
Long Hours (12 Hour Days)
Low Wages
400
Personal satisfaction
Complete control of the company
Do not have to share the profits
What are advantages of a sole proprietorship?
400
Where the supply and demand curves meet.
What is equilibrium?
500
Based on the word and faith of the government.
Where does our money get its value?
500
A union made up of skilled and unskilled labor grouped together by the industry they work in.
What is an industrial union?
500
Part owner ship in a company sold to raise capital.
What are stocks?
500
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