1. demand
supply
Supply
And demand
Business
Labor
100
200
300
400
500

2. A table that that lists the various quantities of a product or service that someone is willing to buy over a range of possible prices.

3. What is a demand schedule?

4. A line that shows how many units of the product or service an individual or group of individuals will buy at a particular price.

5. What is the demand curve?

6. Principle that states quantity demanded moves in the opposite direction as price.

7. What is the law of demand?

8. Change in demand when number of buyers decreases

9. What is demand decreases?

10. Five factors that will shift demand curve.

11. What are: BITER

12. A table that lists the various quantities of a good or service that producers are willing to sell at all possible market prices.

13. What is a supply schedule?

14. Economic principle that holds that producers will normally offer more for sale at higher prices and less at lower prices.

15. What is the law of supply?

16. Change is supply that occurs when number of sellers increases.

17. What is an increase in supply?

18. Change in supply when the price of resources increases.

19. What is a decrease in supply?

20. Six factors that change supply

21. What is: STONER?

22. Price in which supply and demand are equal.

23. What is the equilibrium price?

24. P1

25. What is a surplus?

26. P1

27. What is a shortage?

28. An improvement in production technology will lead to this change in equilibrium price and quantity.

29. P1 P2 Q1 Q2

30. An increase in the price of a substitute would change equilibrium price and quantity in this way.

31. P2 P1 Q2 Q1

32. The primary goal of business owners in our economy

33. What is the profit motive?

34. The owners of a corporation.

35. Who are the stockholders?

36. A business owned by one individual

37. What is a sole proprietorship?

38. One disadvantage of a corporation

39. Answers may vary.

40. One advantage of a corporation is this, meaning Stockholders are not responsible for the debts of the corporation

41. What limited liability?

42. An organization of workers that bargains for higher pay and better working conditions

43. What is a labor union?

44. When a company blocks workers from entering its buildings until they agree to accept its contract terms

45. What is a lockout?

46. When a third party listens to both sides and then makes a binding decision on how to settle the disagreement

47. What is arbitration?

48. Laws that prevent unions from forcing workers to join

49. What are right-to-work laws?

50. When a third party tries to help the union and the company reach an agreement

51. What is mediation?