labor that requires no specialized skills, education, or training
  • Physical Capital
  • Unskilled Labor
  • Horizontal Merger
  • Progressive Tax
spreading out investments to reduce risk
  • Investment
  • Scarcity
  • Diversification
  • Stock
a market structure in which a large number of firms all produce the same product
  • Cartel
  • Monopolistic Competition
  • Perfect Competition
  • Natural Monopoly
a graph that shows alternative ways to use an economy's resources
  • Production Possibility Graph
  • Elasticity Of Supply
  • Production Possibility Frontier
  • Inferior Goods
a tax for which the percentage of income paid in taxes remains the same for all income levels
  • Medicare
  • Proportional Tax
  • Progressive Tax
  • Tax
economic law that states that consumers buy more of a good when its price decreases and less when its price increases
  • Law of Supply
  • Law of Diminishing Marginal Utility
  • Equilibrium
  • Law of Demand
a minimum price for a good or service
  • Price Ceiling
  • Price Floor
  • Tax
  • Equilibrium
a good that consumers demand more of when their incomes increase
  • Factors Of Production
  • Price Ceiling
  • Normal Goods
  • Inferior Goods
labor that required specialized skills and education
  • Price Floor
  • Price
  • Skilled Labor
  • Professional Labor
law that outlawed practices that limit competition or lead to monopoly
  • Wagner Act
  • Clayton Anti-Trust Act
  • Sherman Anti-trust Act
  • Law Of Diminishing Marginal Utility
a situation in which a good or service is unavailable
  • Scarcity
  • Shortage
  • Equilibrium
  • Price Floor
deciding whether to do or use one additional unit of some resource
  • Thinking at the Margin
  • Physical Capital
  • Opportunity Cost
  • Scarcity
averages 65 stocks in 3 different catagories to see how the market is doing
  • Dow Jones Average
  • Horizontal Merger
  • Perfect Competition
  • Regressive Tax
a market structure in which many companies sell products that are similar but not identical
  • Natural Monopoly
  • Cartel
  • Perfect Competition
  • Monopolistic Competition
labor that requires minimal specialized skills and education
  • Labor Movement
  • Semi-skilled Labor
  • Professional Labor
  • Unspecialized Labor
the line on a production possibilities graph that shows the maximum possible output for a specific economy
  • Trade-off
  • Scarcity
  • Opportunity Cost
  • Production Possibility Frontier
the government agency that insures customer deposits if a bank fails
  • PROGRESSIVE TAX
  • FICA
  • FDIC
  • STOCK
partnership in which partners share equally in both responsibility and liability
  • Cartel
  • Entrepreneur
  • General Partnership
  • Labor Union
a business owned and managed by a single individual
  • Entrepreneur
  • Corporation
  • Sole Proprietorship
  • Limited Partnership
ambitious leader who combines land, labor, and capital to create and market new goods or services
  • Corporation
  • Opportunity Cost
  • Entrepreneur
  • Scarcity
classic economist that believed the market could regulate itself
  • Economics
  • Adam Smith
  • Opportunity Cost
  • Entrepreneur
restrictions imposed by a country that affect the supply of a good or service
  • Factors Of Production
  • Price
  • Import Restrictions
  • Collective Bargaining
a legal entity owned by individual stockholders
  • Entrepreneur
  • Corporation
  • Sole Proprietorship
  • Limited Partnership
the process in which union and company representatives meet to negotiate a new labor contract
  • Labor Union
  • Collective Bargaining
  • Human Capital
  • Horizontal Merger
individuals and privately owned businesses own the factors of production and therefore, make what they want and buy what they want
  • Free Market
  • Monopolistic Competition
  • Perfect Competition
  • Command Economy
1935, also National Labor Relations Act; granted rights to unions; allowed collective bargaining
  • Law Of Diminishing Marginal Utility
  • Fdic
  • Labor Union
  • Wagner Act
the combination of two or more firms competing in the same market with the same good or service
  • Vertical Merger
  • Collective Bargaining
  • Horizontal Merger
  • Cartel
a measure of how consumers react to a change in price
  • Law of Demand
  • Elasticity of Supply
  • Elasticity of Demand
  • Law of Diminishing Marginal Utility
the act of redirecting resources from being consumed today so that they may create benefits in the future
  • Scarcity
  • Tax
  • Stock
  • Investment
the high value or worth of something
  • Price
  • Scarcity
  • Opportunity Cost
  • Equilibrium
money that has value because the government has ordered that it is an acceptable means to pay debts
  • Investment
  • Corporation
  • Fiat Money
  • Representative Money
a measure of the way quantity supplied reacts to a change in price
  • Law of Supply
  • Elasticity of Demand
  • Opportunity Cost
  • Elasticity of Supply
a required payment to a local, state, or national government
  • Investment
  • Price Ceiling
  • Price Floor
  • Tax
objects that have value because the holder can exchange them for something else of value
  • Collective Bargaining
  • Fiat Money
  • Horizontal Merger
  • Representative Money
tendency of suppliers to offer more of a good at a higher price
  • Law of Diminishing Marginal Utility
  • Law of Supply
  • Elasticity of Supply
  • Law of Demand
simplicity, efficiency, certainty, and equity
  • Classical Economics
  • Functions of Money
  • Characteristics of a Good Tax
  • Production Possibility Frontier
institution that helps channel funds from savers to borrowers
  • Certificate Of Indebtedness
  • Stock
  • Financial Intermediary
  • Financial
the alternative we sacrifice when we make a decision
  • Production Possibility Frontier
  • Scarcity
  • Opportunity Cost
  • Trade-Off
a maximum price that can legally charged for a good or service
  • Price Floor
  • Tax
  • Price Ceiling
  • Shortage
the skills and knowledge gained by a worker through education and experience
  • Physical Capital
  • Opportunity Cost
  • Scarcity
  • Human Capital
medium of exchange, unit of account, and store of value
  • Financial intermediary
  • Factors of production
  • Functions of money
  • Opportunity cost
a payroll deduction collected by employers by law and sent to the federal government to support governmental programs
  • Progressive Tax
  • Federal Income Tax
  • Fica
  • Medicare
a share representing a portion of ownership in a corporation
  • Corporation
  • Investment
  • Stock
  • Diversification
a good that consumers demand less of when their income increases
  • Normal Goods
  • Factors Of Production
  • Opportunity Cost
  • Inferior Goods
partnership in which only one partner is required to be a general partner
  • Corporation
  • Limited Liability
  • Limited Partnership
  • Sole Proprietorship
land, labor, and capital; the three groups of resources that are used to make all goods and services
  • Factors of Production
  • Human Capital
  • Opportunity Cost
  • Scarcity
a market that runs most efficiently when one large firm supplies all of the output
  • Cartel
  • Monopolistic Competition
  • Natural Monopoly
  • Perfect Competition
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