1. 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 Supply DemandBoardwalk Parkplace Shady Practices

2. Reason why international trade might lower the wages of unskilled workers in the US

3. Skilled labor (Human capital) of the US surpasses that of other countries

4. Affect on unskilled workers if minimum wage increase

5. The unemployment of unskilled workers would go up

6. Ensuring workers receive living wages would be the intended result of the government doing this

7. Raising minimum wage

8. Management would probably choose to do this if they can’t agree with union leaders

9. Hire non-union replacement workers (scabs)

10. Downturn in GDP for 2 or more consecutive quarters

11. Recession

12. Shift that will occur to aggregate supply curve if technology permanently reduces the cost of electivity

13. Shift to the right

14. Labor productivity would result in this to aggregate supply

15. Increase

16. Likely government action during a recession

17. Increased Spending

18. The Federal Reserve would lower discount rates and buy more securities on the open market to combat this

19. Recession

20. “Too much money chasing too few goods”

21. Inflation

22. If a price is inelastic, government could do this to raise more revenue

23. Excise Tax

24. This government program was established to safeguard individuals in case their banks failed

25. FDIC

26. Effect on labor productivity if more government regulations are in place

27. Decrease

28. When one group goes on strike but several other industries are effected would be an example of this concept

29. Economic Interdependence

30. Government would be likely to increase taxes if this were going on

31. High Inflation

32. As this US becomes more interdependent in the global market, this happens to our rate of imports and exports

33. Both Increase

34. If GDP went down, government would most likely do this to interest rates

35. Lower them

36. Actual GDP is lower than potential GDP during this

37. Recession

38. Inflation is factored out during real or current GDP

39. Real GDP

40. If the production of oil stopped in the US, this would be the overall result

41. Increased prices world wide

42. This is present when there are thousands of buyers and sellers and neither can influence price

43. Pure Competition

44. Studying the price of an ITEM in a perfectly competitive market would be considered part of this study

45. Microeconomics

46. Aggregate concepts about economic systems would fall under this field of study

47. Macroeconomics

48. Limiting competition would be the opposite of this type of economic system

49. Market Economy

50. This would occur if technology were to permanently lower the cost of electricity

51. The supply curve would shift right