Mr. Weiss

Unit 3 Vocabulary WordsUnit 3 Vocabulary Words1. law of demand; 2. law of diminishing marginal 1. law of demand; 2. law of diminishing marginal utility; 3. price elasticity of demand; 4. utility; 3. price elasticity of demand; 4. equilibrium price; equilibrium price; _____the price at which the amount producers are willing _____the price at which the amount producers are willing to supply is equal to the amount consumers are willing to to supply is equal to the amount consumers are willing to buy.buy.

_____economic concept that deals with how much demand _____economic concept that deals with how much demand varies according to changes in price;varies according to changes in price;

_____rule stating that the additional satisfaction a _____rule stating that the additional satisfaction a consumer gets from purchasing one more unit of a consumer gets from purchasing one more unit of a product will lessen with each additional unit purchased.product will lessen with each additional unit purchased.

_____economic rule stating that the quantity demanded _____economic rule stating that the quantity demanded and price move in opposite directions.and price move in opposite directions.

Mr. Weiss

Unit 3 Vocabulary WordsUnit 3 Vocabulary Words1. law of demand; 2. law of diminishing marginal 1. law of demand; 2. law of diminishing marginal utility; 3. price elasticity of demand; 4. utility; 3. price elasticity of demand; 4. equilibrium price; equilibrium price; ____44__the price at which the amount producers are willing __the price at which the amount producers are willing to supply is equal to the amount consumers are willing to to supply is equal to the amount consumers are willing to buy.buy.

____33__economic concept that deals with how much demand __economic concept that deals with how much demand varies according to changes in price;varies according to changes in price;

____22__rule stating that the additional satisfaction a __rule stating that the additional satisfaction a consumer gets from purchasing one more unit of a consumer gets from purchasing one more unit of a product will lessen with each additional unit purchased.product will lessen with each additional unit purchased.

____11__economic rule stating that the quantity demanded __economic rule stating that the quantity demanded and price move in opposite directions.and price move in opposite directions.

Mr. Weiss

Unit 3 Vocabulary WordsUnit 3 Vocabulary Words1. shortage; 2. sole proprietorship; 3. unlimited 1. shortage; 2. sole proprietorship; 3. unlimited liability; 4. corporation;liability; 4. corporation;

_____situation in which the quantity demanded is greater _____situation in which the quantity demanded is greater than the quantity supplied at the current price.than the quantity supplied at the current price.

_____business owned and operated by one person_____business owned and operated by one person

_____requirement that an owner is personally and fully _____requirement that an owner is personally and fully responsible for all losses and debts of a business.responsible for all losses and debts of a business.

_____type of business organization owned by many people _____type of business organization owned by many people but treated by law as though it were a person; it can but treated by law as though it were a person; it can own property, pay taxes, make contracts, and so on.own property, pay taxes, make contracts, and so on.

Mr. Weiss

Unit 3 Vocabulary WordsUnit 3 Vocabulary Words1. shortage; 2. sole proprietorship; 3. unlimited 1. shortage; 2. sole proprietorship; 3. unlimited liability; 4. corporation;liability; 4. corporation;

____11__situation in which the quantity demanded is greater __situation in which the quantity demanded is greater than the quantity supplied at the current price.than the quantity supplied at the current price.

____22__business owned and operated by one person__business owned and operated by one person

____33__requirement that an owner is personally and fully __requirement that an owner is personally and fully responsible for all losses and debts of a business.responsible for all losses and debts of a business.

____44__type of business organization owned by many __type of business organization owned by many people but treated by law as though it were a person; it people but treated by law as though it were a person; it can own property, pay taxes, make contracts, and so on.can own property, pay taxes, make contracts, and so on.

Mr. Weiss

Unit 3 Vocabulary WordsUnit 3 Vocabulary Words1. franchise; 2. partnership; 3. anti-trust 1. franchise; 2. partnership; 3. anti-trust legislation; 4. monopolistic competition;legislation; 4. monopolistic competition;

_____business that two more more individuals own and _____business that two more more individuals own and operate.operate.

_____market situation in which a large number of _____market situation in which a large number of sellers offer similar but slightly different products and sellers offer similar but slightly different products and in which each has some control over price.in which each has some control over price.

_____contract in which one business (the franchisor) _____contract in which one business (the franchisor) sells to another business (the franchisee) the right to sells to another business (the franchisee) the right to use the franchisor’s name and sell its products.use the franchisor’s name and sell its products.

_____federal and state laws passed to prevent new _____federal and state laws passed to prevent new monopolies from forming and to break up those that monopolies from forming and to break up those that already exist.already exist.

Mr. Weiss

Unit 3 Vocabulary WordsUnit 3 Vocabulary Words1. franchise; 2. partnership; 3. anti-trust 1. franchise; 2. partnership; 3. anti-trust legislation; 4. monopolistic competition;legislation; 4. monopolistic competition;

____22__business that two more more individuals own and __business that two more more individuals own and operate.operate.

____44__market situation in which a large number of __market situation in which a large number of sellers offer similar but slightly different products and sellers offer similar but slightly different products and in which each has some control over price.in which each has some control over price.

____11__contract in which one business (the franchisor) __contract in which one business (the franchisor) sells to another business (the franchisee) the right to sells to another business (the franchisee) the right to use the franchisor’s name and sell its products.use the franchisor’s name and sell its products.

____33__federal and state laws passed to prevent new __federal and state laws passed to prevent new monopolies from forming and to break up those that monopolies from forming and to break up those that already exist.already exist.

Mr. Weiss

Unit 3 Vocabulary WordsUnit 3 Vocabulary Words1. oligopoly; 2. barriers to entry; 3. economies of 1. oligopoly; 2. barriers to entry; 3. economies of scale; 4. supply;scale; 4. supply;_____low production costs resulting from the large _____low production costs resulting from the large size of output.size of output.

_____industry dominated by a few suppliers who _____industry dominated by a few suppliers who exercise some control over price.exercise some control over price.

_____the amount of a good or service that producers _____the amount of a good or service that producers are able and willing to sell at various prices during are able and willing to sell at various prices during a specified time period.a specified time period.

_____obstacles to competition that prevent others _____obstacles to competition that prevent others from entering a market.from entering a market.

Mr. Weiss

Unit 3 Vocabulary WordsUnit 3 Vocabulary Words1. oligopoly; 2. barriers to entry; 3. economies of 1. oligopoly; 2. barriers to entry; 3. economies of scale; 4. supply;scale; 4. supply;____33__low production costs resulting from the large __low production costs resulting from the large size of output.size of output.

____11__industry dominated by a few suppliers who __industry dominated by a few suppliers who exercise some control over price.exercise some control over price.

____44__the amount of a good or service that producers __the amount of a good or service that producers are able and willing to sell at various prices during are able and willing to sell at various prices during a specified time period.a specified time period.

____22__obstacles to competition that prevent others __obstacles to competition that prevent others from entering a market.from entering a market.

Mr. Weiss

Unit 3 Vocabulary WordsUnit 3 Vocabulary Words

1. market; 2. deregulation; 3. quantity demanded; 1. market; 2. deregulation; 3. quantity demanded; 4. real income effect;4. real income effect;

_____reduction of government regulation and control _____reduction of government regulation and control over business activity.over business activity.

_____the process of freely exchanging goods and services _____the process of freely exchanging goods and services between buyers and sellers.between buyers and sellers.

_____economic rule stating that individuals cannot keep _____economic rule stating that individuals cannot keep buying the same quantity of a product if its price rises buying the same quantity of a product if its price rises while their income stays the same.while their income stays the same.

____the amount of a good or service that a consumer is ____the amount of a good or service that a consumer is willing and able to purchase at a specific price.willing and able to purchase at a specific price.

Mr. Weiss

Unit 3 Vocabulary WordsUnit 3 Vocabulary Words

1. market; 2. deregulation; 3. quantity demanded; 1. market; 2. deregulation; 3. quantity demanded; 4. real income effect;4. real income effect;

____22__reduction of government regulation and control __reduction of government regulation and control over business activity.over business activity.

____11__the process of freely exchanging goods and services __the process of freely exchanging goods and services between buyers and sellers.between buyers and sellers.

____44__economic rule stating that individuals cannot keep __economic rule stating that individuals cannot keep buying the same quantity of a product if its price rises buying the same quantity of a product if its price rises while their income stays the same.while their income stays the same.

____33__the amount of a good or service that a consumer is __the amount of a good or service that a consumer is willing and able to purchase at a specific price.willing and able to purchase at a specific price.

Mr. Weiss

Unit 3 Vocabulary WordsUnit 3 Vocabulary Words

1. substitution effect; 2. complementary good; 3. 1. substitution effect; 2. complementary good; 3. marginal utility; 4. inelastic demand;marginal utility; 4. inelastic demand;

_____economic rule stating that if two items satisfy _____economic rule stating that if two items satisfy the same need and the price of one rises, people the same need and the price of one rises, people will buy more of the other.will buy more of the other.

_____situation in which a product’s price change has _____situation in which a product’s price change has little impact on the quantity demanded by little impact on the quantity demanded by consumers.consumers.

_____an additional amount of satisfaction._____an additional amount of satisfaction.

_____a product often used with another product._____a product often used with another product.

Mr. Weiss

Unit 3 Vocabulary WordsUnit 3 Vocabulary Words

1. substitution effect; 2. complementary good; 3. 1. substitution effect; 2. complementary good; 3. marginal utility; 4. inelastic demand;marginal utility; 4. inelastic demand;

____11__economic rule stating that if two items satisfy __economic rule stating that if two items satisfy the same need and the price of one rises, people the same need and the price of one rises, people will buy more of the other.will buy more of the other.

____44__situation in which a product’s price change has __situation in which a product’s price change has little impact on the quantity demanded by little impact on the quantity demanded by consumers.consumers.

____33__an additional amount of satisfaction.__an additional amount of satisfaction.

____22__a product often used with another product.__a product often used with another product.

Mr. Weiss

Unit 3 Vocabulary WordsUnit 3 Vocabulary Words1. law of supply; 2. quantity supplied; 3. 1. law of supply; 2. quantity supplied; 3. technology; 4. merger;technology; 4. merger;_____the use of science to develop new products and _____the use of science to develop new products and new methods for producing and distributing goods new methods for producing and distributing goods and services.and services.

_____the amount of a good or service that a producer _____the amount of a good or service that a producer is willing and able to supply at a specific price.is willing and able to supply at a specific price.

_____economic rule stating that price and quantity _____economic rule stating that price and quantity supplied move in the same direction.supplied move in the same direction.

_____the legal combination of two or more _____the legal combination of two or more companies that become one corporation.companies that become one corporation.

Mr. Weiss

Unit 3 Vocabulary WordsUnit 3 Vocabulary Words1. law of supply; 2. quantity supplied; 3. 1. law of supply; 2. quantity supplied; 3. technology; 4. merger;technology; 4. merger;____33__the use of science to develop new products and __the use of science to develop new products and new methods for producing and distributing goods new methods for producing and distributing goods and services.and services.

____22__the amount of a good or service that a __the amount of a good or service that a producer is willing and able to supply at a specific producer is willing and able to supply at a specific price.price.

____11__economic rule stating that price and quantity __economic rule stating that price and quantity supplied move in the same direction.supplied move in the same direction.

____44__the legal combination of two or more __the legal combination of two or more companies that become one corporation.companies that become one corporation.

Mr. Weiss

Unit 3 Vocabulary WordsUnit 3 Vocabulary Words

1. price ceiling; 2. price floor; 3. surplus; 4. black 1. price ceiling; 2. price floor; 3. surplus; 4. black market;market;_____a legal maximum price that may be charge for _____a legal maximum price that may be charge for a particular good or service.a particular good or service.

_____a legal minimum price below which a good or _____a legal minimum price below which a good or service may not be sold.service may not be sold.

_____situation in which quantity supplied is greater _____situation in which quantity supplied is greater than quantity demanded at the current price.than quantity demanded at the current price.

_____”underground” or illegal market in which _____”underground” or illegal market in which goods are traded at prices above their legal goods are traded at prices above their legal maximum prices or in which illegal goods are sold.maximum prices or in which illegal goods are sold.

Mr. Weiss

Unit 3 Vocabulary WordsUnit 3 Vocabulary Words

1. price ceiling; 2. price floor; 3. surplus; 4. black 1. price ceiling; 2. price floor; 3. surplus; 4. black market;market;____11__a legal maximum price that may be charge for __a legal maximum price that may be charge for a particular good or service.a particular good or service.

____22__a legal minimum price below which a good or __a legal minimum price below which a good or service may not be sold.service may not be sold.

____33__situation in which quantity supplied is greater __situation in which quantity supplied is greater than quantity demanded at the current price.than quantity demanded at the current price.

____44__”underground” or illegal market in which __”underground” or illegal market in which goods are traded at prices above their legal goods are traded at prices above their legal maximum prices or in which illegal goods are sold.maximum prices or in which illegal goods are sold.

Mr. Weiss

Unit 3 Vocabulary WordsUnit 3 Vocabulary Words1. entrepreneur; 2. inventory; 3. start-up; 4. 1. entrepreneur; 2. inventory; 3. start-up; 4. assets; assets;

_____all items to which a business or household _____all items to which a business or household holds legal claim.holds legal claim.

_____business owned and operated by one person._____business owned and operated by one person.

_____extra supply of the items used in a business, _____extra supply of the items used in a business, such as raw materials or goods for sale.such as raw materials or goods for sale.

_____person who organizes, manages, and assumes _____person who organizes, manages, and assumes the risks of a business in order to gain profits.the risks of a business in order to gain profits.

Mr. Weiss

Unit 3 Vocabulary WordsUnit 3 Vocabulary Words1. entrepreneur; 2. inventory; 3. start-up; 4. 1. entrepreneur; 2. inventory; 3. start-up; 4. assets; assets;

____44__all items to which a business or household __all items to which a business or household holds legal claim.holds legal claim.

____33__a beginning business enterprise.__a beginning business enterprise.

____22__extra supply of the items used in a business, __extra supply of the items used in a business, such as raw materials or goods for sale.such as raw materials or goods for sale.

____11__person who organizes, manages, and assumes __person who organizes, manages, and assumes the risks of a business in order to gain profits.the risks of a business in order to gain profits.

Mr. Weiss

Unit 3 Vocabulary WordsUnit 3 Vocabulary Words

1. dividend; 2. cartel; 3. perfect competition; 4. 1. dividend; 2. cartel; 3. perfect competition; 4. patent; patent; _____arrangement among groups of industrial _____arrangement among groups of industrial businesses to reduce international competition by businesses to reduce international competition by controlling the price, production, and distribution controlling the price, production, and distribution of goods.of goods.

_____market situation in which there are numerous _____market situation in which there are numerous buyers and sellers, and no single buyer or seller can buyers and sellers, and no single buyer or seller can affect price.affect price.

_____exclusive right to make, use, or sell an _____exclusive right to make, use, or sell an invention for a specified number of years.invention for a specified number of years.

_____portion or a corporation’s profits paid to its _____portion or a corporation’s profits paid to its stockholders.stockholders.

Mr. Weiss

Unit 3 Vocabulary WordsUnit 3 Vocabulary Words

1. dividend; 2. cartel; 3. perfect competition; 4. 1. dividend; 2. cartel; 3. perfect competition; 4. patent; patent; ____22__arrangement among groups of industrial __arrangement among groups of industrial businesses to reduce international competition by businesses to reduce international competition by controlling the price, production, and distribution controlling the price, production, and distribution of goods.of goods.

____33__market situation in which there are numerous __market situation in which there are numerous buyers and sellers, and no single buyer or seller can buyers and sellers, and no single buyer or seller can affect price.affect price.

____44__exclusive right to make, use, or sell an __exclusive right to make, use, or sell an invention for a specified number of years.invention for a specified number of years.

____11__portion or a corporation’s profits paid to its __portion or a corporation’s profits paid to its stockholders.stockholders.