Take this Job!
This Little Piggy Went to Market
What I Really Want to Do is Produce
I Want What I Want
Miscellaneous
100
Primary sector.
What is work involving natural resources?
100
A business that accepts the market price as determined by supply and demand.
What is a price taker?
100
The desire and ability to produce and sell a product.
What is supply?
100
The willingness to buy a good or service to and the ability to pay for it.
What is demand?
100
He is the modern guru of laissez-faire capitalism.
Who is Milton Friedman?
200
People who sell their services to businesses for specific jobs.
What is an independent contractor?
200
This is what you have when marktes have few sellers or or products that are not standardized.
What is imperfect competition?
200
Each worker focuses on one particular aspect of production.
What is specialization?
200
The change in the amount that consumers will buy because the purchasing power of their income changes.
What is income effect?
200
Help! My computer just crashed! I guess I have to talk to someone in India.
What is outsourcing?
300
An artificial barrier to advancement for women and minorities.
What is a glass ceiling?
300
When sellers or producers act together to set prices and limit output you have this.
What is a cartel?
300
This is the change brought about by adding one more worker.
What is marginal product?
300
What consumers demand less of as thier incomes rise.
What are inferior goods?
400
The knowledge and skills a worker brings to a job.
What is human capital?
400
The postal service is an example of this.
What is a government monopoly?
400
The money made from each additional unit sold.
What is marginal revenue?
400
Goods that are used together, so the increase in the demand of one will increse the demand for another.
What are complements?
400
He said that in a free market, consumers would be able to get the best goods at the best price.
Who is Adam Smith?
500
It produces neither a surplus or shortage of workers.
What is the equibrium wage?
500
This occurs when the average cost of production falls as the producer grows larger.
What are economies of scale?
500
Each new worker causes total output to grow, but at a decreasing rate.
What are diminishing returns?
500
This measures how consumers respond as prices change.
What is elasticity of demand?
500
It set the minimum wage, required extra pay for overtime, and outlawed most child labor.
What is the Fair Labor Standards Act?
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