Supply and Demand
What is the inverse relationship between price and quantity demanded, when price increases and demand decreases?
Law of Demand
What is a market?
Meeting place or mechanism allowing buyers and sellers of an economic product to come together: either local, regional, national, and global.
What is a player?
The person who writes checks
What is paid by the buyers as a percentage of the sales price of an item?
Sales tax
What is the lowest amount of wage an employer can pay?
Minimum wage
What happening hen the quantity supplied is greater than the quantity demanded?
Surplus
What is a Monopoly?
What is the process of issuing, exchanging, loaning, and managing the custody of money and credit?
Banking
What is a Marginal Tax rate?
How much of the last dollar earned is paid out in tax
What is the type of employee who works fewer hours?
Part-time employee
What is happening when the quantity demanded is greater than the quantity supplied?
Shortage
What is perfect competition?
It is when different businesses equally compete with each other with no interference.
What assets are easily converted into cash?
Liquid Assets
What is Regulation?
Actions by the federal or local government directed at influencing market outcomes, such as the quantity traded of a good or service, its price, or its quality and safety
What are the Employer costs?
The average cost to employers for wages and salaries and benefits per employee hour worked
What are the Five Shifters of Supply?
Price resources, Number of Producers, technology, Taxes & Subsidies, Future Expectations
What is the difference between Oligopoly and Monopoly?
Oligopoly is ran by a handful of businesses and a Monopoly is one singular business
What are property damage liabilities?
Insurance coverage that pays for the damages to the car and possessions of the other party in an accident that is your fault.
What is the maximum price of a good?
Price Ceiling
What are four approaches to social well-fair?
Political Ideology Approach, Economic Theory Approach, Welfare State Regimes Approach, Gender-Based Approach
What is the Law of Supply?
There is a direct relationship between price and quantity supplied. As price goes up, the quantity producers make will also increase.
What is a market dominated by an aggressive singular market?
A Cartel
What is left of the revenue after the costs are deducted?
What is the lower limit of the price on a good?
Price Floor
What is Free Trade
Lowering and dismantling of barriers and regulations impeding international flow of capital and products