Unit 1
A taxi driver’s knowledge of the city streets is an example of ____ capital.
Human
A graphic representation of a demand schedule
demand curve
What U.S. founding document guarantees the recognition and protection of private property rights, a limitation on the kinds of taxes that Congress can impose, & the right to make binding contracts among other things.
U.S. Constitution
Organization created to help workers gain higher wages, better hours, & a more safe workplace.
Labor Union
An establishment owned by two or more persons in which only one person has unlimited personal liability for the business
limited partnership
The purpose of a ____ graph is to show alternative ways to use an economy’s resources.
production possibilities
What kind of system is the United States economy based on?
Market
A measure of the way a quantity supplied reacts to a change in price
elasticity of supply
What are the money and other valuables that belong to a corporation or partnership called?
Assets
Nonprofit association that promotes the interests of a particular industry
trade association
A measure of the level of economic prosperity of a nation.
standard of living
A good that replaces another demanded good
substitute
Sunshine Island has three large supermarkets that supply most of the groceries for the island’s population. A gas station also sells a very small selection of groceries. How would you describe the market for groceries on Seaside Island?
oligopoly
Cooperative lending associations for particular groups, usually employees of a specific firm or gov’t. agency.
Credit Union
Money and other valuables belonging to an individual or business
assets
To sell a state-run firm to individuals
privatize
A good that consumers will demand more of when their incomes increase
normal good
A government payment that supports a business or market
subsidy
A cycle or series of cycles of economic expansion and contraction.
Business Cycle
Good Wireless and Better Wireless merge to form Best Wireless. The federal government watches this merger carefully for evidence of a(n) __
Monopoly
The doctrine that government generally should not intervene in the marketplace
laissez faire
The price ceiling that was used to control the price of housing in New York City and other cities was called which of the following?
rent control
A level of production in which the marginal production decreases with new investment
diminishing marginal returns
Commodity money used by the Union during the Civil War.
Greenbacks
The ___ wage for doctors is high because the supply of doctors is relatively low and the demand is relatively high.
equilibrium