Minimum Wage
Supply and Demand
Circular Flow oh and supply and demand
More Supply and Demand
And More Supply And Demand
100
What's The Point?
Minimum Wage Sucks!
100
What is Demand
The willingness and ability of the people within a market area to purchase particular amounts of goods or services at a variety of alternative prices during a specified time period.
100
What are the two markets in a circular flow diagram?
Product market, factor market
100
What is a need?
Something required; a necessity
100
What is a Substitute?
Goods that can be consumed in place of one another
200
Does Minimum Wage Rise with Inflation Cost?
No
200
What is Supply?
The total amount of a good or service available for purchase
200
What are the two main people/groups of people involved in the circular flow model?
Business/firms, Households
200
What is a want?
Something that is desired but not required
200
What is a Complement
Complements are goods that are normally consumed together
300
What does Minimum Wage have to do with equilibrium in supply and demand?
If the minimum wage is above equilibrium then their will be a surplus in "Supply" (Labor/Unemployment) because the "Demand" for workers will be lower due to employers being unwilling to pay the price for labor.
300
How does a increase in price affect quantity supplied?
A increase in price will increase supply.
300
What is Shortage?
exist when the quantity demanded in a market is more than the quantity supplied
300
What happens when you have a change in QUANTITY Demanded?
A change in price results in a movement along a fixed demand curve.
300
List the factors that shift supply curve
Change in input cost increase in technology change in size of the industry
400
What is Minimum Wage?
Example of price floor. minimum price that an employer can pay a worker for one hour of labor
400
What will happen to the price of an item if the supply decreases?
The price will go up
400
What is Surplus?
exists when quantity supplied excedes quantity demanded and the actual price of a good is higher than equilibrium price.
400
What happens in a change in demand?
A change in any other variable that influences quantity demanded produces a shift in the demand curve.
400
Draw a Supply and Demand Curve with the Equilibrium marked.
an x with a dot.
500
What is a boycott?
A boycott is an act of voluntarily abstaining from using, buying, or dealing with a person, organization, or country as an expression of protest, usually for social or political reasons. Sometimes, it can be a form of consumer activism.
500
What is equilibrium?
Where buyers and sellers agree on a price.
500
What is a price ceiling? 100 extra points if you can explain why it occurs.
a maximum price that can be legally charged for a good or services. it is set below equilibrium
500
List the factors that change demand curve
Change in consumer income population change consumer preference prices of related goods
500
Why do some professions get paid more than other according to supply and demand.
There may be a shortage of supply or surplus of supply or a high demand and a low supply or... etc.
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