EC-106( Supply& Demand)
The point where the quantity demanded by consumers exactly matches the quantity supplied by producers.
What is Equilibrium?
A tax placed on imported goods to protect domestic industries.
What is a Tariff?
This type of law protects original works of authorship, such as books, music, and software.
What is Copyright Law?
A market structure characterized by a single seller dominating the entire industry.
What is a Monopoly?
A document that outlines the principles and rules of conduct for an organization.
What is a Code of Ethics?
This law states that as the price of a good increases, the quantity demanded decreases.
What is the Law of Demand?
A complete ban on trading with a specific country for political or health reasons.
What is an Embargo?
These laws are designed to prevent monopolies and promote fair competition in the marketplace.
What are Antitrust Laws?
Competition based on factors other than price, such as quality, service, or advertising.
What is Non-price Competition?
The duty of a business to contribute to the well-being of society
What is Corporate Social Responsibility?
A situation where the quantity supplied is greater than the quantity demanded, usually occurring when the price is above equilibrium.
What is a Surplus?
This occurs when a country exports more than it imports.
What is a Trade Surplus
This federal agency ensures that businesses provide a safe and healthy environment for employees.
What is the Occupational Safety and Health Administration?
A market structure where a few large firms dominate
What is an Oligopoly?
An employee who reports unethical or illegal behavior within their company to authorities.
What is a Whistleblower?
This type of "ceiling" is a maximum price set by the government, often leading to shortages (e.g., rent control).
What is a Price Ceiling?
The value of one nation's currency relative to another's.
What is the Exchange Rate?
A legally binding agreement between two or more parties that creates an obligation to do or not do a particular thing.
What is a Contract?
The struggle between companies for customers' dollars.
What is Competition?
A situation where an individual's personal interests might influence their professional decisions.
What is a Conflict of Interest?
If the price of coffee rises significantly, the demand for tea will typically increase.
What is Increase
The ability of a country to produce a good at a lower opportunity cost than another country.
What is Comparative Advantage?
This set of laws governs commercial transactions in the United States to ensure consistency across state lines.
What is the Uniform Commercial Code
This occurs when a business lowers its prices to a level where it loses money just to drive competitors out of the market.
What is Predatory Pricing?
Making false or exaggerated claims about the environmental friendliness of a product.
What is Greenwashing?