Show:
Four Basic Laws of
Supply and Demand
Imports and Exports
Cost-Benefit Analysis
Supply and Demand
Price, Profit, Scarcity and Outsourcing
100
When a shortage of a product occurs, that leads to a ________________ price.
higher
100
A good or service sent out from a country for sale is a(n) _______________.
export
100
Cost-Benefit Analysis is a process of weighing the ________ and ___________ of decisions.
costs and benefits
100
The amount of a product people are willing to buy at a certain price is the ________________.
demand
100
The money a business or individual makes after accounting for all expenses, such as materials, labor, advertising and taxes.
profit
200
When a surplus of a product occurs, that leads to a ________________ price.
lower
200
A good or service brought from one country into another country for sale is a(n) _______________.
import
200
The time it takes to do something is a ____________.
cost
200
The amount of a product which is available to customers is the __________________.
supply
200
The quantity of payment given by one person to another for goods or services.
price
300
If demand increases and supply remains unchanged, a _______________ occurs.
shortage
300
25% of Oregon's ______________ are to China.
exports
300
The amount you have to spend on materials is a _________.
cost
300
A long lunch line in the cafeteria is an example of ________.
demand
300
The contracting out of part of a business’ processes to avoid or reduce costs such as labor, medical benefits, or taxes.
outsourcing
400
If demand decreases and supply remains unchanged, a _______________ occurs.
surplus
400
$16,000,000,000 worth of passenger vehicles were ____________ into Oregon this past year.
imported
400
The larger amount of money you make from selling a more valuable product is a ____________.
benefit
400
Mrs. Heider shopping for the ingredients for Culinary Class is an example of __________________.
supply
400
The economic problem of having humans with unlimited wants and needs in a world of limited resources.
scarcity
500
If demand remains unchanged, what must happen to supply to lower the price?
An increase
500
For a successful and healthy economy in Oregon, the value of our ____________ should be larger than the value of our ____________.
exports imports
500
Choosing to locate a business in a town or city with a healthy, fun, attractive standard of living is a ___________.
benefit
500
An increased ___________ for gasoline in the world is causing the price to increase.
demand
500
Beware: if your job or career is vulnerable to ______________, you might lose it!
outsourcing