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Transcript of Economics
major impact on pricing - easy to enter the industry - few major competitors - actions of one dramatically
impact other producers - many business failures - difficult to enter the
industry - one corporation controls
entire industry - consumer behavior can
not impact pricing - impossible to enter the industry - no competition MERGER buying up all
similar companies Corporation
capital goods CORPORATION MONOPOLY US Government has
to stop harmful
monopolies. Labor Unions are... craft unions industrial unions -skilled workers -unskilled and skilled workers Purpose = COLLECTIVE BARGAINING Union represents all workers = power in numbers
Employer must negotiate with union rather than individual workers when collective bargaining fails... - Mediation
- Arbitration - Strike
- Lockout GOAL: PROFIT Productivity specialization division of labor technology investing in
human capital COMPETITIVE SITUATIONS closed shop
open shop Right to Work Laws Economics is... study of choices in a world of limited resources Microeconomics Macroeconomics study of choices made by individuals and businesses study of choices made by nations and industries scarcity needs v. wants resources renewable v. non renewable goods & services things you can hold something you pay someone to do factors of production land = labor = capital= entrepreneurship= trade-offs opportunity costs we have more wants than we have resources Side Note:
Did you know that there is no such thing as a free lunch? Trade-off: choosing one thing over another the VALUE of what you gave up So, what do we want? How do we get what we want? sole proprietor = one owner partnership - a couple owners corporation - owned by stockholders non-profit: business that does not make a profit Advantage: Owner has full control
Disadvantage: Must raise all $ and responsible for all debts Advantage: Owners have full control, can share costs
Disadvantage: Responsible for all debts Advantage: Easy to raise money, corporation responsible for debt
Disadvantage: Complicated, Stockholders have no control focusing on one small task dividing tasks among people applying knowledge to task training & educating Warm Up 1. What is the difference between anti-federalists and federalists?
2. How do political parties influence government?
3. How do Senators end a filibuster?
4. What is the basis for apportionment/redistricting?
5. What is the argument for & the argument against Affirmative Action?
6. What does the IRS do?
7. What comes to mind when you think of economics? must be in union in order to be hired do not have to be in union to be hired Organized associations of workers formed to protect & further their rights and interests. WARM UP 1. What is the basic problem that economics deals with?
2. Name the factor of production:
a. Christmas tree e. Saw
b. Lumber jack f. Truck
c. Christmas tree farm g. Driver
d. Tree stand h. Oil for truck
3. What are 4 ways to increase productivity?
4. What is the most common type of business?
5. Which type of business does the owner keep most of its profits?
6. How do corporations become monopolies?
7. Define the following terms: stock, bonds, mutual funds, dividends.
8. If you own stock in Wal-Mart, does this mean you have a say in the day-to-day operation of Wal-Mart?
9. What group is really in control of any given corporation?
10. Which government agency is in charge of regulating the stock market? Circular Flow Model SUPPLY and DEMAND Demand: amount someone is willing to pay for an item Law of Demand: As price increases, demand decreases S T I C ubstitution aste / preference ncome omplement Reasons Demand Changes Supply: amount that someone is willing to sell Law of Supply: As price increases, supply increases P E T roduction costs ntrance/exit of competition echnology Reasons Supply Changes Supply & demand work together to determine price! Shortage: when more is demanded than is supplied Surplus: when more is supplied than is demanded What leads to shortages & surpluses? Price ceiling: government sets maximum price Price floor: government sets minimum price Law of Diminishing Return example of SAT If all other factors of production stay the same, adding more of one factor will eventually produce less return per unit produced fold & staple paper example Warm Up 1. Describe the advantages and disadvantages of a sole proprietorship, partnership, and corporation.
2. What is the difference between monopolies, oligopolies, and market competition?
3. What are the 2 types of labor unions?
4. What is the difference between the product market and the resource market?
**Take out your vocab for me to check** Warm Up 1. Draw checks and balances without looking at your notes.
2. Draw the circular flow model without looking at your notes.
3. What do you think about minimum wage?
4. What do you think about putting a cap on gas? Quiz 1. What is economics?
2. What is the problem for economics?
3. What are 2 things that increase productivity?
4. If supply increases, how does the line shift?
5. If demand decreases, how does the line shift?
6. What is the difference between sole proprietorship,
partnership, and corporation?
7. What is an example of a complementary good?
8. What is an example of a monopoly?
9. What are the 2 types of labor unions?
10. Give an example of trade-off & opportunity cost.
11. Name the 4 factors of production and give an example of each.
12. What is equilibrium? Warm Up Work on your review sheet.