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ECONOMICTERMS 4th20

ECONOMIC TERMS AND CONCEPTS 75%

QuestionAnswer
62. PRICE AMOUNT OF MONEY THAT PEOPLE PAY IN EXCHANGE FOR A UNIT OF GOOD OR SERVICE
63. RATIONING A SYSTEM IN WHICH THE GOVERNMENT DECIDES EVERYONES FAIR SHARE
64. MARKET EQUILIBRIUM QUANTITY OF GOODS DEMANDED EQUALS QUANTITY SUPPLIED
65. SURPLUS SITUATION WHERE QUANTITY SUPPLIED IS GREATER THAN QUANTITY DEMANDED AT A GIVEN PRICE
66. SHORTAGE QUANTITY DEMANDED IS GREATER THAN QUANTITY SUPPLIED AT A GIVEN PRICE
67. EQUILIBRIUM PRICE NEITHER A SHORTAGE NOR A SURPLUS, SUPLLY = DEMAND
68. OLIGOPOLY FEW SELLERS OF THE SAME PRODUCT
69. MONOPOLY ONE SELLER OF A PRODUCT WITH NO CLOSE SUBSTITUTES
70. NATURAL MONOPOLY SITUATION WHERE COSTS ARE MINIMIZED BY HAVING ONE LARGE FIRM PROVIDE THE PRODUCT OR SERVICE
71. ECONOMIES OF SCALE THE LARGER A FIRM GROWS, THE BETTER IT USES IT’S RESOURCES
72. PATENT AN EXCLUSIVE RIGHT TO MAKE A PRODUCT
73. COPYRIGHT GIVES AUTHOR EXCLUSIVE RIGHT TO PUBLISH OR SELL (MUSIC, LITERATURE)
74. PUBLIC GOODS GOODS SUCH AS HIGHWAYS, POLICE ETC THAT EVERYONE USES
75. PRIVATE GOODS GOODS CONSUMED BY AND PAID FOR BY A PARTICULAR PERSON
76. CRAFT UNION AN ASSOCIATION OF WORKERS WHO PERFORM THE SAME KIND OF WORK
77. INDUSTRIAL UNION AN ASSOCIATION OF ALL WORKERS IN GIVEN INDUSTRY, NO MATTER WHAT JOB THEY PERFORM
78. STRIKE A REFUSAL TO WORK UNTIL CERTAIN DEMANDS ARE MET
79. RIGHT-TO-WORK LAWS A STATE LAW MAKING IT ILLEGAL TO REQUIRE WORKERS TO JOIN A UNION
80. 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
81. ARBITRATION BOTH SIDES AGREE TO LET A THIRD PARTY RESOLVE THEIR DISPUTE
82. MINIMUM WAGE THE LEAST AMOUNT THAT CAN BE PAID BY LAW TO CERTAIN WORKERS
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