Combining Supply and Demand
What is the point where quantity demanded and quantity supply meet?
Name three types of businesses
Sole proprietorship, partnerships, corporations
What do households give the markets for goods and services
Spending
What is the labor force comprised of
Non military, people who are employed or unemployed
What does going to college increase
Human capital
How do we reach equilibrium when there is excess demand?
What does a sole proprietorship have to do after they decide to stop
They have to pay all debts, taxes, and complete prior obligations
What do markets for factors for production give to frims
Factors of productions
Name one group that does not count for the labor force
Full time students
What is the learning effect
More education = more productivity and higher wages
Excess supply is also known as
Surplus
What are the three types of partnerships
General, limited, limited liability
What is entrepreneurship
Combining of land labor and capital
What are the different types of skill levels of jobs
Unskilled, semi skilled, skilled, professional
What are some alternatives for college
Trade school, military, certification, apprenticeships
When prices are high what happens to the quantity supplied and demanded
Increases; decreases
What are the three most common structures for corporations
Stockholders, board of directors, CEOs
What is one of the four Economic system types
Command economy, traditional economy, market economy, mixed economy
What created the equal employment opportunity commission
Civil Rights Act of 1964
What is college
An investment that takes money, time, and effort