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Slide 2 Slide 3 $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 Slide 4 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 Slide 5 Demand and Supply $200 A goods price is lower and consumers will buy more of it. Slide 6 Demand and Supply $400 Consumers will demand less of this type of good when their income increases. Slide 7 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. Slide 8 Demand and Supply $800 The change in output from hiring one additional unit of labor. Slide 9 Demand and Supply $1000 Type question here Slide 10 Demand and Supply $200- Answer What is the Law of Demand? Slide 11 Demand and Supply $400- Answer What is an inferior good? Slide 12 Demand and Supply $600- Answer What is an elastic good/service? Slide 13 Demand and Supply $800- Answer What is marginal product of labor? Slide 14 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. Slide 15 Labor $200 All nonmilitary people who are employed or unemployed. Slide 16 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) Slide 17 Labor $600 Organized work stoppage intended to force an employer to address union demands. Slide 18 Labor $800 Started the United States Labor Movement. Focused on higher wages, shorter hours and safer work environments. Slide 19 Labor $1000 Wages vary according to workers skill levels and education. Jobs are often categorized into four skill levels? Slide 20 Labor $200-Answer What is the labor force? Slide 21 Labor $400-Answer What is mediation and arbitration? Slide 22 Labor $600-Answer What is a strike? Slide 23 Labor $800-Answer Who is Samuel Gompers? Slide 24 Labor $1000-Answer What is unskilled labor, semi- skilled labor, semi-skilled labor, and professional labor Slide 25 Market Structures $200 Market in which a single seller dominates with a unique product. Slide 26 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. Slide 27 Market Structures $600 Burger King, McDonalds and Wendys are an example of this Market Structure. Slide 28 Market Structures $800 The division of consumers into groups based on how much they will pay for a good. Slide 29 Market Structures $1000 Laws that encourage competition in the marketplace. Slide 30 Market Structures $200-Answer What is a Monopoly? Slide 31 Market Structures $400-Answer What is Perfect Competition? Slide 32 Market Structures $600-Answer What is an Oligopoly? Slide 33 Market Structures $800-Answer What is price discrimination? Slide 34 Market Structures $1000-Answer What are antitrust laws? Slide 35 Business Organizations $200 A business owned and managed by a single individual. Slide 36 Business Organizations $400 A business organization owned by two or more persons who agree on a specific division of responsibilities and profits. Slide 37 Business Organizations $600 The share of earnings given by a franchise as a payment to the franchiser. Slide 38 Business Organizations $800 GM buys Michelin tires. Slide 39 Business Organizations $1000 1.Voluntary and open membership 2.Control of the organization by its members. 3.Sharing of contributions and benefits by members. Slide 40 Category 4 $200-Answer What is a sole proprietorship? Slide 41 Business Organizations $400- Answer What is a partnership? Slide 42 Business Organizations $600- Answer What are royalties? Slide 43 Business Organizations $800- Answer What is a vertical merger? Slide 44 Business Organizations $1000- Answer What is a cooperative? Slide 45 Final Jeopardy Elasticity of Demand Slide 46 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? Slide 47 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? Slide 48 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? Slide 49 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? Slide 50 Final Jeopardy - Answer Elasticity of Demand: % change in Q demanded/% change in price Less than 1INELASTIC 10-15 10 x100 6-4 6 x100 Slide 51 Jeopardy Thank you for playing another fine round of Americas favorite question and answer game.

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