Economic Concepts
The fundamental economic problem that faces all societies.
Scarcity
This law states that the more an item costs, the more of that item will be offered to the buyer
The Law of Supply
This is where parties may gather to exchange goods and services
market
This Government Agency is in charge of collecting taxes
The Internal Revenue Service (IRS)
Unions will normally use this visible tactic as a means to get what they want
A Strike/Picket
A factor of production that deals with factories
Capital
The curve representing Demand can be described as always being this
Downward sloping
The natural degree of competition between businesses in the same industry make this
market structure
Examples of this include North Korea, The Soviet Union, and Cuba
Command Economy
The primary dispute that labor unions deal with is all about this
Wages
This is the true reason everyone needs to study economics
to become better decision makers
This factor that affects Demand saw the Fidget Spinner disappear as quickly as it arrived.
Consumer Tastes
This classification is when very few but large sellers dominate the industry they are operating in.
Oligopoly
Government spending is considered to be a part of this category
public sector spending
discussions between labor and management to settle issues of pay, hours, and healthcare
Collective Bargaining
Something that is not always in dollars and cents, but still always there.
Opportunity Cost
quantity supplied, quantity demanded
This type of monopoly comes about when it is simply cheaper to only have 1 seller in the market
natural monopoly
The government usually provides these because they make no money for private businesses
Public Goods
You can be hired as a non-member, but must quickly join after you are hired.
Union Shop
Written in 1776, The Wealth of Nations by Adam Smith defines this as a nation's wealth
its people
A target price set by the government is considered what type of price control
Price floor
inadequate competition, information, or resource mobility characterize this.
market failure
National Defense, Education, and National Debt
Discretionary Spending
Labor Unions won a huge victory in this year with the passing of the Fair Labor and Standards Act
1938