Show:
Basics
Demand
Supply
Economic Systems
Labor
100
The fundamental economic problem.
What is scarcity?
100
The desire for a product and the ability to pay for it.
What is demand?
100
The quantity of a product that producers are willing and able to offer for sale.
What is supply?
100
When the three basic economic questions have been answered in the same way for generations.
What is a traditional economy?
100
Since the 1950's, many women have joined this.
What is civilian labor force?
200
____________ are limitless, while resources are limited.
What is unlimited?
200
Income, Market Size, Consumer expectations, Consumer taste, complements, and substitutes.
What causes a change in demand?
200
When prices increase, quantity supplied increases. When price decreases, quantity supplied decreases.
What is the Law of Supply?
200
When the government makes most economic decisions.
What is command economy?
200
One trend in the labor market
What is part-time employment?
300
Labor, Land, Capital, and Entrepreneurs.
What are the factors of production?
300
The term that describes how responsive consumers are to price changes.
What is elasticity?
300
Total Cost = Variable Costs + ___________
What is fixed costs?
300
Relies on private ownership and competition.
What is market economy?
300
Organizations that press for higher pay and better conditions.
What is labor union?
400
The three basic questions of Economics
What, How, and for Whom?
400
Demand that changes significantly when prices change
What is elastic?
400
The six factors are input costs, productivity, technology, government action, producer expectations, and number of producers.
What is a change in supply?
400
Shows the flow of money as well as the flow of products and resources that takes place between buyers and sellers.
What is the Circular Flow Model?
400
When unions come together and make broad requests from their employer.
What is collective bargaining?
500
A model that shows the maximum amount of goods than an economy can produce.
What is the Production Possibilities Frontier?
500
When prices change and total revenue remains the same.
What is unit elastic?
500
The term that describes how responsive producers are to price changes.
What is elasticity of supply?
500
The economy the United States most closely resembles.
What is mixed economy?
500
When workers put pressure on employers to meet their demands by refusing to work.
What is strike?