Unit 6 - Markets
Identify the Term: All else being constant, as the price for a product or service increases, production will increase.
What is Law of Supply?
Identify the Term: Money that has value not based on its relation to a commodity but by a nation's government declaring that its money is legal tender.
What is Fiat Currency?
Identify the Term: Concentrating on one kind of work
What is Specialization?
Identify the Term: A series of economic expansions and contractions
What is Business Cycle?
Identify the Term: Refers to people who are working at jobs that are beneath their skill level but are the only work they can find
What is Underemployment?
Identify the Term: The total of all goods and services that all households, companies, and the government are willing and able to buy at any price in a given period of time.
What is Aggregate Demand?
Identify the Term: The price of borrowing money
What is Interest?
Identify the Term: A tax placed on goods that businesses import into a country.
What is Import Tariff?
Identify the Term: Things of value that employers provide which are usually not taxable
What is Benefits?
Identify the Term: Unemployment of people who simply have not had the time to find a job
What is Frictional unemployment?
Identify the Term: All else being equal, when the price of a good or service rises, demand falls.
What is Law of Demand?
Identify the Term: A general, across-the-board increase in prices throughout the economy
What is Inflation?
Identify the Term: Government payments to industries that have to compete in a world market where prices are lower than they are in the producing country.
What is Subsidies?
Identify the Term: The price of labor
What is Wages or Salaries?
A state's closed shop laws require workers in certain industries to be members of a labor ______________.
What is Union?
Identify the Term: Anywhere sellers offer goods and services and buyers purchase them.
What is Market?
Money gives you a store of ____________________ so that you can make purchases in the future.
What is Value?
Identify the Term: The difference between a country's imports and exports
What is Balance of Trade?
Where is most U.S. cotton grown?
Today's largest and strongest unions represent ________________ workers.
What is Government?
Identify the Term: The effects from supply and demand activity that affect people who are not the actual buyers and sellers in a transaction.
What is Externalities?
The Federal Reserve System conducts open market operations in which it buys and sells U.S. Treasury bonds and other __________________ to inject money into or to withdraw money from the economy.
What is Securities?
Identify the Term: The situation in which one producer has a smaller opportunity cost of producing a good or service compared to another producer.
What is Comparative Advantage?
A _________________________ is privately owned and operated and has fewer than 500 employees.
What is Small Business?
Who receives the most secondhand clothes exported from the U.S.?
What is Africa?
A __________ is a group of providers that engage in collusion to increase profits.
What is Cartel?
Identify the Term: It's a hyperinflation; prices rising rapidly, every few hours.
What is Runaway Inflation?
___________________________ advantage is the situation in which one producer has a smaller opportunity cost of producing a good or service compared to another producer.
What is Comparative?
An ____________________ is an individual who starts a new business.
What is Entrepreneur?
Why do U.S. cotton farmers have an advantage over cotton farmers in other countries?
What is Government Subsidies?
___________ is the total amount of a product or service that is available for purchase.
What is Supply?
___________ is the ability to carry debt.
What is Credit?
NAFTA is the North American Free __________ Agreement.
What is Trade?
Milton Friedman believed that money supply not keeping pace with output was the cause of economic ________________________.
What is Fluctuations?
____________________________ refers to people who are working at jobs that are beneath their skill level but are the only work they can find.
In economic terms, ______________ is what consumers pay when they buy a product or service and what suppliers receive when they sell a product or service.
What is Price?
Identify the Term: A decrease in the amount of money. Usually causes depression and falling prices.
What is Deflation?
__________________ are goods and services that producers create within a country and then sell and send to people, companies, or governments in other countries.
What is Exports?
_____________ costs are expenses that have to be paid regardless of the rate of production.
What is Fixed?
What event inspired Pietra Rivoli to investigate the journey of t-shirt?
What is a Protest (about unfair labor conditions)?
____________________________ are goods and services that more than one person, household, or company can use at a time.
What is Public goods?
The Federal Reserve officially issues U.S. _________________.
What is Currency?
A ___________________ is an order forbidding citizens from trading with another country.
What is Sanction?
_________________ is the practice of a local business purchasing the right to use the name and business model of a large company.
What is Franchising?
Bonus: This law states that the more a person consumes of a good or service, the additional utility (satisfaction) they get from it decreases.
What is The Law of Diminishing Marginal Utility?
A price ___________ is the minimum-allowable price set by law that is above the market-clearing price.
What is Floor?
BONUS: A term in Economics that refers to the human satisfaction gained from a product or service.
What is Utility?
When a country has more imports that exports it has a trade _______________.
What is Deficit?
The most common type of business organization in the United States is the...
What is Sole Proprietorship?
Bonus: A pattern that naturally forms when lots of people make their own individual choices.
What is Emergent Order?