| What is economics? | Economic Systems | Demand | Market Structures | Jobs and Labor |
|---|---|---|---|---|
|
economics
What is study of how people seek to satisfy their needs and wants through making choices?
|
economic system
What is the method used by a society to produce and distribute goods and services known as?
|
demand
What is the desire to own something and the ability to pay for it known as?
|
perfect competition
What is the market structure in which a large number of firms all produce the same product?
|
strike
What is work stoppage by workers known as?
|
|
goods
What are physical objects such as shoes or clothes?
|
free market economy
What is an economic system in which choices on production and consumption are based on choices of individuals within a society?
|
answer varies
What are three demand shifters?
|
monopoly
What is the market structure in which one firm produces one product?
|
union
What is the establishment of organization for workers that protects worker's rights?
|
|
wants
What are items that we desire but are not essential to our survival?
|
centrally planned economy
What is the economic system in which the government makes decisions on what to produce in a society?
|
an inverse relationship between demand and price
What is the type of relationship that is represented in a demand curve?
|
regulation
What is the government interfering with the practices of businesses known as?
|
service jobs
What types of jobs in the US economy have increased over the past 60 years?
|
|
scarcity
What is limited quantities but unlimited wants known in economic terms?
|
mixed economy
What is the economic system in which the government and individuals make decisions on what to produce in a society?
|
it will shift along the curve
Which way will a demand curve shift if there is a change in price?
|
Morgan, Rockefeller, Carnegie
What are the names of the three titans of industry from the early 1900's?
|
professional labor
What is labor that requires advanced skills and education known as?
|
|
human capital
What are the skills and knowledge gained by a worker through education and experience known as?
|
self interest
What is economic term for one's own personal gain?
|
to the right
Which way will a demand curve shift if there is a change in the number of consumers?
|
Many buyers and sellers, sellers offer identical products,sellers are able to enter and exit the market freely, buyers and sellers are well informed
name two of four conditions for perfect competition.
|
unskilled labor
What is labor that requires no specialized skills?
|
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