Harris Economics Ch 1-11

lowest amount that an employer may pay a worker for one hour of work

A person who buys goods for personal use

illegal business of buying or selling gods in violation of price controls

automatic teller machine

condition in which economic resources are used to produce the max amount of goods

financial gain a seller makes from a transaction

study of how individuals and societies satisfy their unlimited wants with limited resources

Desires that can be satisfied by consuming a good or service.

benefit offered to encourage people to act in a certain way

payments workers receive in return for work

system in which money is equal to the amount of gold

states that when the price of a good goes down, the demand increases

work stoppage used to gain negotiating power while attempting to improve wages

formal organization of sellers who regulate production, pricing, and marketing of a product

situations in which there are not enough goods to meet needs

business made of semi-independent businesses that all offer the same products

application of scientific methods and innovations to production

A person who makes goods or provides services

alternative someone gives up when making economic decisions

Value of something that is given up by choosing one alternative over another.

benefit offered to encourage people to act in a certain way

individuals that concentrate their efforts in the areas in which they have advantage

government payment that helps cover cost of an economic activity

market structure in which only one seller sells a product for which there are no substitutes

anything thing that people will accept as payment for goods or services

Define infrastructure.

desire to have some good or service and the ability to pay for it

products that are used together, if one increases so will the other.

situation in which demand is greater than the supply

system in which the government allocates goods or services

Secondary market where securities are bought and sold

products that can be used in the place of another

willingness and ability to to produce and sell a product

sets of rules or laws designed to control business behaviors

What is a surplus?

organizations of workers that seek to improve working conditions

Exchanger of goods or services without using money

condition in which economic resources are not being used to full potential

states that when the price of a good goes down, demand increases

Things such as food, water, and shelter that we can't live without.