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NathansStack
Review Guide Page 2 front and back
Question | Answer |
---|---|
Complimentary Goods | Product often used with another product as the price of one product decreases, the demand for the other increses |
Shortage | The condition that occurs when quantity demanded is greater than quantity supplied |
Surplus | Condition that occurs when quantity demanded is less than quantity supplied |
Price ceiling | The government set maximum price |
Price Floor | The government set minimum price |
Franchises | one business, the franchise, sells the right to use its name and products to another company known as the franchise |
Dividend | A portion of the corprations profit paid to stock holders |
Perfect competition | A market situation in which there are numerous buyers and sellers; no single buyer or seller can affect the price |
Monopoly | A market situation controlled by a single supplier of a good or service that has no close substitute |
Perfect competition | a market situation in which there are numerous buyers and sellers; no single buyer or seller can affect the price |
Oligopoly | Industry dominated by a few suppliers who excercise some control over price |
Anti-trust laws | federal and state government laws passed to prevent new monopolies from forming and to break up those that already exsist |
Channels of Distribution | Routes by which good are moved from producers to comsumers |
Utility | The ability of a product to satisfy customer wants |
Minimum wage | Federal law that sets the lowest hourly wage that may be paid to certain types of workers |
Aggregate Demand | the total quantity of goods and services in the entire economy that all people will demand at any single time |
Consumer price index | measures the change in price overtime for a specific group of goods and services used by the average household |
Transfer payment | Welfare and other supplementary payments made by a state or federal government to individuals |
Depression | a major decresing economic activity during which millions are out of work |