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Demand and Supply
Labor Market Structures
Business Organizati
ons
Demand and Supply
Labor Market Structures
Business Organizati
ons
$200
$400
$600
$800
$1000
$200
$400
$600
$800
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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 $1000
1. 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
10-1510
x 100 6-46
x 100
Jeopardy
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