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Transcript of $200 $400 $600 $800 $1000 $200 $400 $600 $800 $1000 $200 $400 $600 $800 $1000 $200 $400 $600 $800...

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Demand and Supply

Labor Market Structures

Business Organizati

ons

Demand and Supply

Labor Market Structures

Business Organizati

ons

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Demand and Supply $200

A good’s price is lower and consumers will buy

more of it.

Demand and Supply $400

Consumers will demand less of this type of good when their income

increases.

Demand and Supply $600

Miss Devine likes Netflix. Netflix raises the price of their monthly subscription

to $20 per month. Miss Devine is sensitive to this price change and responds by

canceling her monthly subscription.

Demand and Supply $800

The change in output from hiring one

additional unit of labor.

Demand and Supply $1000

Type question here

Demand and Supply $200-Answer

What is the Law of Demand?

Demand and Supply $400-Answer

What is an inferior good?

Demand and Supply $600-Answer

What is an elastic good/service?

Demand and Supply $800-Answer

What is marginal product of labor?

Demand and Supply $1000-Answer

What is a shortage?* When the actual price in a market is below the equilibrium price. Low price encourages buyers and discourages sellers.

Labor $200

All nonmilitary people who are employed or

unemployed.

Labor $400

If a strike continues for a long time, the 2 sides sometimes call in a third party to help settle the dispute.

(need two answers to win wager amount)

Labor $600

Organized work stoppage intended to force an employer to address

union demands.

Labor $800

Started the United States Labor Movement.

Focused on higher wages, shorter hours

and safer work environments.

Labor $1000

Wages vary according to worker’s skill levels and education. Jobs are often categorized into four skill levels?

Labor $200-Answer

What is the labor force?

Labor $400-Answer

What is mediation and arbitration?

Labor $600-Answer

What is a strike?

Labor $800-Answer

Who is Samuel Gompers?

Labor $1000-Answer

What is unskilled labor, semi-skilled labor,

semi-skilled labor, and professional labor

Market Structures $200

Market in which a single seller dominates with a

unique product.

Market Structures $400

Market structure in which a large number of firms all produce the same

product (identical) and no single seller controls supply or

prices.

Market Structures $600

Burger King, McDonalds and Wendys are an

example of this Market Structure.

Market Structures $800

The division of consumers into groups based on how much they will pay for a good.

Market Structures $1000

Laws that encourage competition in the

marketplace.

Market Structures $200-Answer

What is a Monopoly?

Market Structures $400-Answer

What is Perfect Competition?

Market Structures $600-Answer

What is an Oligopoly?

Market Structures $800-Answer

What is price discrimination?

Market Structures $1000-Answer

What are antitrust laws?

Business Organizations $200

A business owned and managed by a single

individual.

Business Organizations $400

A business organization owned by two or more persons who agree on a specific division of responsibilities and

profits.

Business Organizations $600

The share of earnings given by a franchise as

a payment to the franchiser.

Business Organizations $800

GM buys Michelin tires.

Business Organizations $1000

1. Voluntary and open membership

2. Control of the organization by its

members.3. Sharing of contributions

and benefits by members.

Category 4 $200-Answer

What is a sole proprietorship?

Business Organizations $400-Answer

What is a partnership?

Business Organizations $600-Answer

What are royalties?

Business Organizations $800-Answer

What is a vertical merger?

Business Organizations $1000-Answer

What is a cooperative?

Final Jeopardy

Elasticity of Demand

Final Jeopardy

You have 1 minute to consult…

Suppose that you mow lawns for six customers a week a charge $10.00 a lawn. What is your total revenue? The next year you raised your price to $15.00 per lawn and lost two customers. What will happen to your total revenue? Is the demand for your lawn-mowing service at this price elastic or inelastic?

Final Jeopardy

You have 30 seconds to consult…

Suppose that you mow lawns for six customers a week a charge $10.00 a lawn. What is your total revenue? The next year you raised your price to $15.00 per lawn and lost two customers. What will happen to your total revenue? Is the demand for your lawn-mowing service at this price elastic or inelastic?

Final Jeopardy

You have 15 seconds to consult…

Suppose that you mow lawns for six customers a week a charge $10.00 a lawn. What is your total revenue? The next year you raised your price to $15.00 per lawn and lost two customers. What will happen to your total revenue? Is the demand for your lawn-mowing service at this price elastic or inelastic?

Final Jeopardy

Time Is Up

Suppose that you mow lawns for six customers a week a charge $10.00 a lawn. What is your total revenue? The next year you raised your price to $15.00 per lawn and lost two customers. What will happen to your total revenue? Is the demand for your lawn-mowing service at this price elastic or inelastic?

Final Jeopardy - Answer

Elasticity of Demand: % change in Q demanded/% change in price

Less than 1…INELASTIC

10-1510

x 100 6-46

x 100

Jeopardy

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