Completion
Complete each sentence or
statement.
|
|
|
1.
|
Capitalism only works if there is ___________________________________.
|
|
|
2.
|
Give
an example of a franchise.
____________________________________________________________________
|
|
|
3.
|
Copyright laws have been in the news a lot lately, can you give an
example?
__________________________________________________________________________________________________________________________________________
|
|
|
4.
|
The Law Of Demand
People will want
___________________ products at ____________________ prices and _____________________ products at
_______________________ prices.
|
|
|
5.
|
The Law of Supply
If prices are
high, suppliers will offer ____________________ quantities for sale.
If prices are
low, suppliers will offer ____________________ quantities for sale.
|
|
|
6.
|
Price
is the result of the interaction of ____________________ and _______________.
|
|
|
7.
|
List
three problems that come about because of rationing.
1)
2)
3)
|
|
|
8.
|
To
replace a price system adaquately, yo need to create another _________________.
|
|
|
9.
|
Who
is Milton Friedman?
_______________________________________________________________________________________________________________________________________________________________________________________________________________
|
|
|
10.
|
The market talking:
A high price signals producers to produce _______________ and
consumers to buy ________________. A low price signals producers to produce _________________ and
consumers to buy _____________________.
|
Matching
|
|
|
a. | capitalism | k. | Clayton
Anti-trust | b. | laissez faire | l. | demand | c. | monopoly | m. | fixed
cost | d. | oligopoly | n. | variable
cost | e. | price
fixing | o. | break even
point | f. | franchise | p. | total cost | g. | patent | q. | surplus | h. | copyright | r. | shortage | i. | trusts | s. | rationing | j. | Sherman Anti-Trust | t. | supply | | | | |
|
|
|
11.
|
law
that made monopolies illegal
|
|
|
12.
|
gives
the author or artist the right to publish, sell or reporduce for 50+ years
|
|
|
13.
|
gives
exclusive rights to manufacture, use or sell and new and useful art, machine or composition of
matter
|
|
|
14.
|
economic system based on private ownership
|
|
|
15.
|
outlaws price discrimination
|
|
|
16.
|
when
a business or person controls almost all of the market place
|
|
|
17.
|
illegally charging the same amount as your competitors
|
|
|
18.
|
gives
a company the exclusive right to do business in a certain location
|
|
|
19.
|
no
government regulation....hands off, buyer beware!
|
|
|
20.
|
a
group of companies going together to form a monopoly
|
|
|
21.
|
a
market situation where there are only a few very large sellers of a given economic
product
|
|
|
22.
|
the
desire of a product, but MUST have the ability and willingness to pay
|
|
|
23.
|
items that are offered for sale at all possible prices
|
|
|
24.
|
also
called overhead....the basic expenses
|
|
|
25.
|
the
sum of fixed and variable costs
|
|
|
26.
|
the
amount of output a busness needs to sell in order to cover it’s total costs
|
|
|
27.
|
a
situation when the quantity supplied is greater than the quantity demanded.
|
|
|
28.
|
when
the government tells people what they can purchase and how much...
|
|
|
29.
|
the
quantity demanded is greater than the quantity supplied
|
|
|
30.
|
cost
that changes with the business rate of operation or output
|