Foundations of Economics
This concept exists because resources are limited while wants are unlimited.
What is scarcity?
According to the law of demand, when prices rise, this usually happens to quantity demanded.
What is it decreases?
In a labor market, workers do this.
What is supply labor?
This business organization gives owners limited liability protection.
What is a corporation?
This 1877 strike spread across multiple cities after wage cuts.
What is the Great Railroad strike of 1877?
This is the next-best alternative given up when making a choice.
Who is opportunity cost?
According to the law of supply, producers will usually do this when prices rise.
What is supply more goods/services?
Businesses and employers do this in the labor market.
What is demand labor?
This market structure has many firms selling slightly different products.
What is monopolistic competition?
This labor even began as a peaceful protest for an 8-hour workday before becoming violent.
What is the Haymarket Riot?
A PPC demonstrates these two economic concepts.
What are trade-offs and opportunity cost?
The point where supply and demand meet is called this.
What is equilibrium?
This type of unemployment happens when workers are between jobs.
What is frictional unemployment?
The Federal Reserve mainly controls these two things.
What are interest rates and the money supply?
This strike showed that the federal government sometimes sided with business owners.
What is the Pullman strike?
What is market economy?
If a major oil pipeline shuts down, this curve shifts left.
What is the supply curve?
This type of unemployment is caused by recessions.
What is cyclical unemployment?
When inflation rises rapidly, the Fed will often do this.
What is raise interest rates?
In Newsies, the newsboys organize together to improve these two things.
What are wages/pay and working conditions?
From a biblical worldview, this means managing God-given resources wisely and generously.
What is stewardship?
When the government sets a price ceiling below equilibrium, this occurs.
What is a shortage?
This type of unemployment happens when technology or industries change.
What is structural unemployment?
Stock prices are determined by these two forces.
What are supply and demand?
This was one major lesson from Newsies.
possible answers:
- What is collective action can influence outcomes?
- What is workers have more power together?
- What is organized workers can push for change?