Completion
Complete each sentence or
statement.
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| | 1. | Capitalism only works if there is ___________________________________.
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| | 2. | Give
an example of a franchise.
____________________________________________________________________
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| | 3. | Copyright laws have been in the news a lot lately, can you give an
example?
__________________________________________________________________________________________________________________________________________
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| | 4. | The Law Of Demand
People will want
___________________ products at ____________________ prices and _____________________ products at
_______________________ prices.
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| | 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.
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| | 6. | Price
is the result of the interaction of ____________________ and _______________.
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| | 7. | List
three problems that come about because of rationing.
1)
2)
3)
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| | 8. | To
replace a price system adaquately, yo need to create another _________________.
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| | 9. | Who
is Milton Friedman?
_______________________________________________________________________________________________________________________________________________________________________________________________________________
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| | 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 _____________________.
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Matching
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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 | | | | |
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| 11. | law
that made monopolies illegal
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| 12. | gives
the author or artist the right to publish, sell or reporduce for 50+ years
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| 13. | gives
exclusive rights to manufacture, use or sell and new and useful art, machine or composition of
matter
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| 14. | economic system based on private ownership
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| 15. | outlaws price discrimination
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| 16. | when
a business or person controls almost all of the market place
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| 17. | illegally charging the same amount as your competitors
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| 18. | gives
a company the exclusive right to do business in a certain location
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| 19. | no
government regulation....hands off, buyer beware!
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| 20. | a
group of companies going together to form a monopoly
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| 21. | a
market situation where there are only a few very large sellers of a given economic
product
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| 22. | the
desire of a product, but MUST have the ability and willingness to pay
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| 23. | items that are offered for sale at all possible prices
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| 24. | also
called overhead....the basic expenses
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| 25. | the
sum of fixed and variable costs
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| 26. | the
amount of output a busness needs to sell in order to cover it’s total costs
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| 27. | a
situation when the quantity supplied is greater than the quantity demanded.
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| 28. | when
the government tells people what they can purchase and how much...
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| 29. | the
quantity demanded is greater than the quantity supplied
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| 30. | cost
that changes with the business rate of operation or output
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