Show:
Vocabulary
Law of Supply and Demand
Get a Job
Find a Place to Live
Economy Ups and Downs
100
A period in the economic cycle of high employment and rising demand.
What is a boom.
100
The line on a graph that shows how much producers are willing to sell at a given price.
What is the supply curve.
100
A resource that each person owns that can be sold in exchange for wages.
What is labor
100
Three different types of housing
What are owner occupied, renter occupied, and cooperative. OR What are single family homes, town homes, and apartments / condominiums.
100
The idea that each person focuses on a specific task in the economy in order to increase efficiency.
What is specialization
200
The different quantities of a good or service that buyers are willing and able to buy at various prices in a specific time period.
What is demand.
200
Three things that can cause a demand curve to shift to the right or the left (answers will vary).
What are changes in… the price of substitute goods consumer expectations fads many other reasons too!
200
Reasons why the labor market is not considered to be a completely free market.
What are minimum wage laws and the fact that workers cannot always freely change jobs whenever they want.
200
The difference between rural and urban.
What is that rural refers to sparsely populated country areas and urban refers to densely populated city areas.
200
Two ways that countries can protect their domestic industries from foreign competition.
What are tariffs and subsidies
300
The price at which quantity supplied equals quantity demanded.
What is equilibrium price.
300
I love to ride my bike every chance that I get. However, I have noticed that when I am on a bike ride, the first two miles of it give me more joy than mile three. The fifth mile is even still enjoyable, but is less enjoyable than the third. The drop in the amount of satisfaction I get from biking can be explained by this law.
What is the law of decreasing marginal utility.
300
Workers that bargain with employers as a group to obtain greater wages and benefits.
What is a union
300
Having basic repairs done for you, ease of moving to a new location, and being generally cheaper are all advantages of this type of living.
What are rented style living arrangements
300
The different stages of the business cycle. (Name all 4).
What are boom, recession, depression, and recovery.
400
A non-paying user of a good.
What is a free rider.
400
The way that optimum efficiency and opportunity cost are related.
What is that when producers are making decisions that minimize their opportunity cost to the greatest extent, they are achieving optimal efficiency.
400
Reasons why union are usually able to get better working conditions, wages, and benefits for members.
What is the fact that unions bargain collectively and have greater power. Employers need to take them seriously because they risk losing their entire workforce. Employers can be tough on one individual, but it is very hard to do the same to a large group.
400
The advantages of being a home owner.
What are (Can be many): Actually owning your property Gaining equity Freedom to make changes without permission of a landlord. Investment
400
The term for when countries try to spend money to keep the country from going into recession or depression.
What is fiscal Policy
500
Increased efficiency and often reduced costs resulting from an increase in the size of operations or amount of production.
What are economies of scale.
500
The idea that some goods have close substitutes that makes their demand elastic. Other goods have no close substitutes and their demand is inelastic or not sensitive to price increases.
What is fungibility
500
Two reasons why Americans have different opinions of unions.
What are (answers may vary) Good Things: Better pay, safer work conditions, beneficial labor laws & regulations. Bad Things: Some unions have been corrupt, they can (at times) protect union members from being fired when they shouldn’t, they make the price of labor high to the point where companies move overseas. Do you have other ideas? Feel free to share.
500
Different conditions that lead to a buyers market in housing.
What are: Excess houses on the market for sale Low cost of new construction New developments that are available to move into. Other ideas?
500
Two exogenous factors that can have impacts on the economy.
What are (Many): Political Change War Natural Disasters