2. Mr. Weiss Unit 3 Vocabulary Words 1. law of demand; 2. law of diminishing marginal utility; 3. price elasticity of demand; 4. equilibrium price; _____the price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy. _____economic concept that deals with how much demand varies according to changes in price; _____rule stating that the additional satisfaction a consumer gets from purchasing one more unit of a product will lessen with each additional unit purchased. _____economic rule stating that the quantity demanded and price move in opposite directions.

3. Mr. Weiss Unit 3 Vocabulary Words 1. law of demand; 2. law of diminishing marginal utility; 3. price elasticity of demand; 4. equilibrium price; __4__the price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy. __3__economic concept that deals with how much demand varies according to changes in price; __2__rule stating that the additional satisfaction a consumer gets from purchasing one more unit of a product will lessen with each additional unit purchased. __1__economic rule stating that the quantity demanded and price move in opposite directions.

4. Mr. Weiss Unit 3 Vocabulary Words 1. shortage; 2. sole proprietorship; 3. unlimited liability; 4. corporation; _____situation in which the quantity demanded is greater than the quantity supplied at the current price. _____business owned and operated by one person _____requirement that an owner is personally and fully responsible for all losses and debts of a business. _____type of business organization owned by many people but treated by law as though it were a person; it can own property, pay taxes, make contracts, and so on.

5. Mr. Weiss Unit 3 Vocabulary Words 1. shortage; 2. sole proprietorship; 3. unlimited liability; 4. corporation; __1__situation in which the quantity demanded is greater than the quantity supplied at the current price. __2__business owned and operated by one person __3__requirement that an owner is personally and fully responsible for all losses and debts of a business. __4__type of business organization owned by many people but treated by law as though it were a person; it can own property, pay taxes, make contracts, and so on.

6. Mr. Weiss Unit 3 Vocabulary Words 1. franchise; 2. partnership; 3. anti-trust legislation; 4. monopolistic competition; _____business that two more more individuals own and operate. _____market situation in which a large number of sellers offer similar but slightly different products and in which each has some control over price. _____contract in which one business (the franchisor) sells to another business (the franchisee) the right to use the franchisor’s name and sell its products. _____federal and state laws passed to prevent new monopolies from forming and to break up those that already exist.

7. Mr. Weiss Unit 3 Vocabulary Words 1. franchise; 2. partnership; 3. anti-trust legislation; 4. monopolistic competition; __2__business that two more more individuals own and operate. __4__market situation in which a large number of sellers offer similar but slightly different products and in which each has some control over price. __1__contract in which one business (the franchisor) sells to another business (the franchisee) the right to use the franchisor’s name and sell its products. __3__federal and state laws passed to prevent new monopolies from forming and to break up those that already exist.

8. Mr. Weiss Unit 3 Vocabulary Words 1. oligopoly; 2. barriers to entry; 3. economies of scale; 4. supply; _____low production costs resulting from the large size of output. _____industry dominated by a few suppliers who exercise some control over price. _____the amount of a good or service that producers are able and willing to sell at various prices during a specified time period. _____obstacles to competition that prevent others from entering a market.

9. Mr. Weiss Unit 3 Vocabulary Words 1. oligopoly; 2. barriers to entry; 3. economies of scale; 4. supply; __3__low production costs resulting from the large size of output. __1__industry dominated by a few suppliers who exercise some control over price. __4__the amount of a good or service that producers are able and willing to sell at various prices during a specified time period. __2__obstacles to competition that prevent others from entering a market.

10. Mr. Weiss Unit 3 Vocabulary Words 1. market; 2. deregulation; 3. quantity demanded; 4. real income effect; _____reduction of government regulation and control over business activity. _____the process of freely exchanging goods and services between buyers and sellers. _____economic rule stating that individuals cannot keep buying the same quantity of a product if its price rises while their income stays the same. ____the amount of a good or service that a consumer is willing and able to purchase at a specific price.

11. Mr. Weiss Unit 3 Vocabulary Words 1. market; 2. deregulation; 3. quantity demanded; 4. real income effect; __2__reduction of government regulation and control over business activity. __1__the process of freely exchanging goods and services between buyers and sellers. __4__economic rule stating that individuals cannot keep buying the same quantity of a product if its price rises while their income stays the same. __3__the amount of a good or service that a consumer is willing and able to purchase at a specific price.

12. Mr. Weiss Unit 3 Vocabulary Words 1. substitution effect; 2. complementary good; 3. marginal utility; 4. inelastic demand; _____economic rule stating that if two items satisfy the same need and the price of one rises, people will buy more of the other. _____situation in which a product’s price change has little impact on the quantity demanded by consumers. _____an additional amount of satisfaction. _____a product often used with another product.

13. Mr. Weiss Unit 3 Vocabulary Words 1. substitution effect; 2. complementary good; 3. marginal utility; 4. inelastic demand; __1__economic rule stating that if two items satisfy the same need and the price of one rises, people will buy more of the other. __4__situation in which a product’s price change has little impact on the quantity demanded by consumers. __3__an additional amount of satisfaction. __2__a product often used with another product.

14. Mr. Weiss Unit 3 Vocabulary Words 1. law of supply; 2. quantity supplied; 3. technology; 4. merger; _____the use of science to develop new products and new methods for producing and distributing goods and services. _____the amount of a good or service that a producer is willing and able to supply at a specific price. _____economic rule stating that price and quantity supplied move in the same direction. _____the legal combination of two or more companies that become one corporation.

15. Mr. Weiss Unit 3 Vocabulary Words 1. law of supply; 2. quantity supplied; 3. technology; 4. merger; __3__the use of science to develop new products and new methods for producing and distributing goods and services. __2__the amount of a good or service that a producer is willing and able to supply at a specific price. __1__economic rule stating that price and quantity supplied move in the same direction. __4__the legal combination of two or more companies that become one corporation.

16. Mr. Weiss Unit 3 Vocabulary Words 1. price ceiling; 2. price floor; 3. surplus; 4. black market; _____a legal maximum price that may be charge for a particular good or service. _____a legal minimum price below which a good or service may not be sold. _____situation in which quantity supplied is greater than quantity demanded at the current price. _____”underground” or illegal market in which goods are traded at prices above their legal maximum prices or in which illegal goods are sold.

17. Mr. Weiss Unit 3 Vocabulary Words 1. price ceiling; 2. price floor; 3. surplus; 4. black market; __1__a legal maximum price that may be charge for a particular good or service. __2__a legal minimum price below which a good or service may not be sold. __3__situation in which quantity supplied is greater than quantity demanded at the current price. __4__”underground” or illegal market in which goods are traded at prices above their legal maximum prices or in which illegal goods are sold.

18. Mr. Weiss Unit 3 Vocabulary Words 1. entrepreneur; 2. inventory; 3. start-up; 4. assets; _____all items to which a business or household holds legal claim. _____business owned and operated by one person. _____extra supply of the items used in a business, such as raw materials or goods for sale. _____person who organizes, manages, and assumes the risks of a business in order to gain profits.

19. Mr. Weiss Unit 3 Vocabulary Words 1. entrepreneur; 2. inventory; 3. start-up; 4. assets; __4__all items to which a business or household holds legal claim. __3__a beginning business enterprise. __2__extra supply of the items used in a business, such as raw materials or goods for sale. __1__person who organizes, manages, and assumes the risks of a business in order to gain profits.

20. Mr. Weiss Unit 3 Vocabulary Words 1. dividend; 2. cartel; 3. perfect competition; 4. patent; _____arrangement among groups of industrial businesses to reduce international competition by controlling the price, production, and distribution of goods. _____market situation in which there are numerous buyers and sellers, and no single buyer or seller can affect price. _____exclusive right to make, use, or sell an invention for a specified number of years. _____portion or a corporation’s profits paid to its stockholders.

21. Mr. Weiss Unit 3 Vocabulary Words 1. dividend; 2. cartel; 3. perfect competition; 4. patent; __2__arrangement among groups of industrial businesses to reduce international competition by controlling the price, production, and distribution of goods. __3__market situation in which there are numerous buyers and sellers, and no single buyer or seller can affect price. __4__exclusive right to make, use, or sell an invention for a specified number of years. __1__portion or a corporation’s profits paid to its stockholders.