This economic term means that all needs cannot be met due to limited resources.
What is scarcity?
100
This is a country's level of economic prosperity.
What is standard of living?
100
This is the struggle among producers for the dollars of consumers.
What is competition?
100
This states that as price increases, demand decreases.
What is the law of demand?
100
In this type of business, the owner gets all of the profits.
What is a sole proprietorship?
200
This is the cost of what you give up to get something.
What is opportunity cost?
200
Buyers and sellers come to exchange things here.
What is at a market?
200
This exists when one or a few firms dominate the market.
What is a monopoly?
200
This states that as price increases, supply increases.
What is the law of supply?
200
This organization fights for the right of workers including pay and benefits.
What is a labor union?
300
This term refers to a person who starts his or her own business.
What is an entrepreneur?
300
The goods and services that firms produce and are purchased by households refers to what type of market?
What is the product market?
300
A shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers. Thus, the government provides the good or service.
What is a public good?
300
This good can be used in place of another good.
What is a substitute?
300
This is a type of business organization that pays fees to a parent company. In return, the business is granted the exclusive right to sell a certain product or service in a given area. (Example: McDonald's)
What is a franchise?
400
This term refers to the concentration of the productive efforts of individuals and firms on a limited number of activities.
What is specialization?
400
This is the hope of reward or the fear of punishment that encourages a person to act in a certain way.
What is an incentive?
400
A situation in which the market, on its own, does not distribute resources efficiently. The government must then step in to distribute them.
What is a market failure?
400
This condition occurs when supply and demand "meet in the middle."
What is equilibrium?
400
In this process, labor unions and company representatives meet to negotiate new labor contracts.
What is collective bargaining?
500
This is the total value of all final goods and services produced in an economy in a given year.
What is GDP (gross domestic product)?
500
A period of economic expansion followed by a period of contraction or decline.
What is a business cycle?
500
French term for "hands off," this condition describes a perfect market economy in which consumers and businesses are completely free to make all economic decisions without interference from the government.
What is laissez faire?
500
In this type of demand, the consumer is very responsive to price changes.
What is elastic demand?
500
This exists in corporations. It means that individuals are not solely responsible for company losses.