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7 Cards in this Set

  • Front
  • Back

Minimum Wage

A price floor that makes it illegal for an employer to pay employees less than a certain hourly wage.

Usury Laws

Laws that impose an upper limit on the interest rate that lenders can charge.

Factors that Shift the Demand Curve for Labor

1. A change in the quantity of the product that the labor produces


2. A change in the production process that uses more or less labor.


3. A change in government policy that affects the how much labor firms are willing to hire at a given wage.

Factors that Shift the Supply Curve for Labor

1. How desirable a job appears to workers relative to the alternatives for reasons other than pay.


2. How government policy either restricts or encourages the quantity of workers trained for the job.

Factors that Shift the Supply of Financial Capital

1. Anything that makes people want to alter their existing levels of present and future consumption.


2. When the riskiness or return of one investment changes relative to other investments

Factors that Shift the Demand for Capital

Business and Consumer confidence in the future

Reasons Protectionism Costs Jobs

1. If consumers must pay more to the protected industry, they therefore have less to spend on other industries.


2. The higher price of the good means domestic firms who use it as a key input compete less favorably with foreign firms who do not pay artificially inflated costs.