$200 $400 $600 $800 $1000 $200 $400 $600 $800 $1000 $200 $400 $600 $800 $1000 $200 $400 $600 $800 $1000 Demand and Supply LaborMarket Structures Business Organizations

Demand and Supply LaborMarket Structures Business Organizations $200 $400 $600 $800 $1000 $200 $400 $600 $800 $1000 $200 $400 $600 $800 $1000 $200 $600 $800 $400 $1000

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 $ 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 x x100

Jeopardy Thank you for playing another fine round of America’s favorite question and answer game.