(EC-070)
Trade industries, producers, and service.
What are the types of businesses
One want is satisfied, there is at least one other want waiting to take its place.
When does a desire seem unlimited
A group of workers who join together to improve the terms and conditions under which employees work.
What is a labor union
States that the quantity of a good or service that consumers will buy varies inversely with the price of the good or service
What is Law Of Demand
The amount of money that is paid for a good, service, or resource.
What is a price
Producers provide goods in their natural, or raw, states.
What are raw good producers
Going out with friends to get a new phone or some pizza
What are economic wants
Labor unions became a strong force in the American business landscape as the country moved into the 20th century.
When did labor unions become a strong force
The quantity of a good or service that will be offered for sale varies in direct relation to its selling price.
What is Law Of Supply
One price compared to another.
What is relative price
Cars to drive, a variety of foods to eat, or houses to live in.
What would happen without raw-good producers
Must be able to feel, smell, taste, see, or hear it. Books, perfume, food, clothes, and cars
What is something tangible
Organizing workers into a single bargaining unit, Negotiating labor contract, Ensuring that labor contracts are carried out
What are the three main purposes of labor unions
This law states that the supply of a good or service will increase when the demand is great and decrease when demand is low.
what is law of supply and demand.
Relative prices provide information needed by consumers, producers, and resource owners to make economic decisions.
What do relative prices do
Makes goods
What is a producer
It must be able to satisfy human wants
What is a economic want
A chapter of a national or international union that represents workers at a specific company or in a specific geographical area.
What is a Local Union
The point at which the quantity supplied is equal to the quantity demanded.
What is equilibrium
Whoever is willing and able to pay the price. Relative prices help allocate limited resources, goods, and services among consumers.
Who gets the goods and services that are produced in our economy?
Buy and sell goods to others.
There is not enough of it for anyone and everyone to freely have as much as they want.
What is scarcity
Leadership for local unions and assist them in negotiating labor contracts.
What do National/international unions provide?
The price of a product is low because there is a large supply and a small demand.
When does a buyers market exist
types and quantities of products provided and the prices paid for them.
What do supply and demand largely determine