Unit 3: Globalizaton

A legal minimum on the price at which a good can be sold

Not enough supply to meet the demand

Means by which the exchange of goods and services takes place b/w buyers and sellers

Which letter is equilibrium?

The ability to produce a good using fewer inputs than another producer

Which letter is the supply curve?

When price is low then the demand should be?

When price is high then the demand should be?

The ability to produce a good at a lower opportunity cost than another producer

Cost of something is what you give up to get that item

The amount of a good or service that is in the market and available for purchase

A nation holds the comparative advantage in the production of a good/service when:

The practice of raising the price of goods, services, or commodities, to an unreasonable level

How does competition affect markets?

Being able to focus on one specific area where a comparative advantage is held

The quantity demanded of a good falls when the price of the good rises

Anything that motivates or encourages one to do something

A legal maximum on the price at which a good can be sold

An excess of supplies because the demand is not high enough

Why do nations trade?

Which letter is the demand curve?

If the US produces 40 units of Agricultural Products but only consumes 10, then what exists?

The increasing integration of economies around the world

The point in a market at which supply and demand intersect. Quantity for demand&supply are =

Which of the following is an argument that supports price gouging?