Unit 2 Econ

Tendency of suppliers to offer more of a good at a higher price 

Consumers react to an increase in a good’s price by consuming less of that good 

A table that lists the quantity of a good a person will buy at each price 

A graphic of a demand schedule 

A good that consumers demand less of when their income increases 

A measure of how consumers react to a change in price 

The desire to own something and the ability to pay for it 

A good consumers replace from the react of an increases in another good’s price 

Two goods that are bought and used together 

A good that consumers demand more of when their income rises? 

A demand that is not going to shift 

Describes demand that is very sensitive to a change in price, you can live without 

Describes demand that is not very sensitive to a change in price. You can’t live without it 

The amount a supplier is willing and able to supply at a certain price 

The total amount of a good or service that consumers demand over a given interval of time 

A level of production in which the marginal product of labor decreases as the number of workers increases 

Tendency of suppliers to offer more of a good at a higher price 

A chart that lists how much of a good a supplier will offer at different prices 

A graph of the quantity supplied of a good by all suppliers at different prices 

A measure of the way quantity supplied reacts to a change in price 

Any resources used to create goods and services 

The quantity and quality of goods or services produced in a given time period 

excess demand is a situation in which the demand for a product or service exceeds its supply in a market 

An amount of something left over when requirements have been met; an excess of production or supply over demand. 

Any duty on manufactured goods that is normally levied now of manufacture for internal consumption rather than at sale 

The point at which quanity demanded and quantity supplied are equal 

Supply and demand will be equal at only one point and one quantity 

Maximum price that can be legally charged for a good 

What is price floor?

How much output can be produced with a given set of inputs 

Costs that change as the quantity of the good or service that a business produces changes 

A cost that does not change no matter how much of a good is produced 

Minimum price that an employer can pay a worker for an hour of labor 

Fixed cost plus variable costs 

The cost of producing one more unit of a good 

Producing that quantity of output where marginal revenue equals marginal cost 

the availability of employment and labor, in terms of supply and demand. 

• Setting of government guidelines for limiting increases in wages and prices 

• What is collective bargaining? N

Negotiation of wages and other conditions of employment by an organized body of employees.

State laws that prohibit union security agreements between employers and labor unions which require employees who are not union members to contribute to the costs of union representation 

The act of a company relying on an external provider for a business process that otherwise would be internal. 

An act of nonviolent, voluntary abstention from a product, person, organization, or country as an expression of protest 

 An organization of workers whose purpose is to maintain or improve the conditions of their employment

What is a strike