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Econ Chpts 5, 6, 8

Study cards for Economics Test Chapters 5, 6, 8 - Fall 2013

What are three causes of a price change in a market? Change in supply; change in demand; and change in supply AND demand
What is a cash payment making up the difference between the market price and the target price called? Deficiency payment
What is a system of allocating goods and services without prices called? Rationing
What is the monetary value of a product as established by supply and demand called? Price
What is a partial refund of the original price of a product called? Rebate
Why might a government interfere in a market economy by setting prices? To achieve the goal of equity and security
What is the lowest legal price that can be paid for a product called? Price floor
What are three problems associated with rationing? People always want a larger share; declining incentive to produce; high administration costs
What are four advantages of prices? They are flexible; people are familiar with prices; no administrative costs; and they favor neither producers nor consumers
What is the maximum legal price that can be charged for a product? Price ceiling.
What is a situation in which the quantity demanded is GREATER than the quantity supplied? Shortage
What is a situation in which the quantity supplied is EQUAL to the quantity demanded? Market equilibrium
What is a situation in which the quantity supplied is GREATER than than the quantity demanded? Surplus
What are two things an economic model can be used for? To analyze behavior and to predict outcomes
Who are deficiency payments geared toward? Farmers
What are four different types of union arrangements? Agency shop, closed shop, union shop, and modified union shop
What are three purposed of labor unions? To improve wages; to improve working conditions; and to improve benefits
What are four approaches to resolving a deadlock between a union and a company's management? Collective bargaining; fact finding; mediation; and arbitration
What is a refusal to work until certain demands are met called? Strike
What major event turned popular opinion in favor of unions? The Great Depression
What is a mass refusal to buy products from targeted employers or companies called? Boycott
What is a court order not to act called? Injunction
What generally occurs first in union-management negotiations? Collective bargaining
What can cause the supply curve to shift to the left? Increased government regulations
In what order do the three stages of production occur? Increasing returns; decreasing returns; and negative returns
What is often thought of as the variable factor of production? Labor
What is electronic business or exchange conducted over the Internet called? E-Commerce
What is the number of units sold multiplied by the average price per unit called? Total revenue
What is a government payment to encourage or protect an economic activity called? Subsidy
Profits will be maximized when marginal revenue equals what? Marginal cost
Why are many businesses engaging in e-commerce? Fixed costs are minimal
Total cost is the sum of what? Variable costs and fixed costs
What are three examples of fixed costs? Car payments; rent and mortgage; and executive salaries
What are three examples of variable costs? Wages; electricity; and raw materials
What are five factors that determine whether supplies increase or decrease? Technology; government regulation; expectations; number of suppliers; and productivity
The purchasing power of minimum wage goes up when what happens? Wages increase faster than inflation
What is an invisible barrier that obstructs advancement up the corporate ladder called? Glass ceiling
What is overhead? Total fixed costs
What is a production cost that does not change as business output changes? Fixed costs
What is total output produced by a firm? Total product
What is decision making that compares the additional costs with the additional benefits of an action? Marginal analysis
What is the principle that more will be offered for sale at high prices than at lower prices? Law of Supply
What is associated with Stage II of production? Diminishing returns
What is the sum of variable and fixed cost? Total cost
What is a situation called where the amount of products for sale changes while the price remains the same? Change in supply
What is a change in the amount of products for sale called when the price changes? Change in quantity supplied
What is a graphical representation of the theory of production? Production function
What is a change in the total revenue from the sale called of one additional unit of output? Marginal revenue
What is the additional output produced when one additional unit of input is added? Marginal product
Created by: jamiemanhart



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