Chapter 11 - Resource Markets

voluntary trade

Any disparities between businesses 'profit- maximizing aims and families 'utility- maximizing goals are resolved via ________ in markets.

hazardous materials

People should be paid more for tasks that are nasty, dangerous, dull, tiring, unlawful, low status, have no future, no benefits, and involve ________, hours than for occupations that are clean, safe, fascinating, stimulating, lawful, and high- paying.

intermediate goods

The demand and supply for ________ and services are similar to the demand and supply for final goods and services.

wage of a professional baseball player

The ________ is determined by the demand for ball games.

Derived demand

demand that arises from the demand for the product the resource produces