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Economic Terms 61-80

QuestionAnswer
DEPRECIATION THE GRADUAL WEARING OUT OF CAPITAL GOODS
PRICE AMOUNT OF MONEY THAT PEOPLE PAY IN EXCHANGE FOR A UNIT OF GOOD OR SERVICE
RATIONING A SYSTEM IN WHICH THE GOVERNMENT DECIDES EVERYONES FAIR SHARE
MARKET EQUILIBRIUM QUANTITY OF GOODS DEMANDED EQUALS QUANTITY SUPPLIED
SURPLUS SITUATION WHERE QUANTITY SUPPLIED IS GREATER THAN QUANTITY DEMANDED AT A GIVEN PRICE
SHORTAGE QUANTITY DEMANDED IS GREATER THAN QUANTITY SUPPLIED AT A GIVEN PRICE
EQUILIBRIUM PRICE NEITHER A SHORTAGE NOR A SURPLUS, SUPLLY = DEMAND
OLIGOPOLY FEW SELLERS OF THE SAME PRODUCT
MONOPOLY ONE SELLER OF A PRODUCT WITH NO CLOSE SUBSTITUTES
NATURAL MONOPOLY SITUATION WHERE COSTS ARE MINIMIZED BY HAVING ONE LARGE FIRM PROVIDE THE PRODUCT OR SERVICE
ECONOMIES OF SCALE THE LARGER A FIRM GROWS, THE BETTER IT USES IT’S RESOURCES
PATENT AN EXCLUSIVE RIGHT TO MAKE A PRODUCT
COPYRIGHT GIVES AUTHOR EXCLUSIVE RIGHT TO PUBLISH OR SELL (MUSIC, LITERATURE)
PUBLIC GOODS GOODS SUCH AS HIGHWAYS, POLICE ETC THAT EVERYONE USES
PRIVATE GOODS GOODS CONSUMED BY AND PAID FOR BY A PARTICULAR PERSON
CRAFT UNION AN ASSOCIATION OF WORKERS WHO PERFORM THE SAME KIND OF WORK
INDUSTRIAL UNION AN ASSOCIATION OF ALL WORKERS IN GIVEN INDUSTRY, NO MATTER WHAT JOB THEY PERFORM
STRIKE A REFUSAL TO WORK UNTIL CERTAIN DEMANDS ARE MET
RIGHT-TO-WORK LAWS A STATE LAW MAKING IT ILLEGAL TO REQUIRE WORKERS TO JOIN A UNION
MEDIATION A THIRD PARTY IS BROUGHT IN TO OFFER A SOLUTION TO A DISPUTE. THE TWO SIDES DO NOT HAVE TO ACCEPT HIS/HER SOLUTION
Created by: josie4
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