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economi_terms 2

Economic Terms and concepts 2

QuestionAnswer
26. NON-DURABLE GOOD LAST LESS THAN THREE YEARS WITH REGULAR USE
27. SPECIALIZATION PEOPLE DO WHATEVER TASK THEY ARE ABLE TO DO BEST
28. DIVISION OF LABOR WORKERS PERFORM FEWER TASK MORE FREQUENTLY
29. FREE ENTERPRISE SYSTEM ONE IN WHICH CONSUMERS AND PRIVATE BUSINESS MAKE THE MAJORITY OF THE ECONOMIC DECISIONS(WHAT,FOR WHOM,HOW)
30. TRADITIONAL ECONOMY NEARLY ALL ECONOMIC ACTIVITY IS DONE BASED ON CUSTOM, RITUAL AND HABIT
31. COMMAND ECONOMY GOVERNMENT MAKES NEARLY ALL THE ECONOMIC DECISIONS
32. MARKET ECONOMY PEOPLE AND FIRMS ACT IN THEIR OWN BEST INTEREST
33. ECONOMIC QUESTIONS WHAT, HOW, FOR WHOM
34. CAPITALISM A SYSTEM IN WHICH PRIVATE CITIZENS OWN THE FACTORS OF PRODUCTION
35. PRIVATE PROPERTY THE IDEA THAT PEOPLE HAVE THE RIGHT TO CONTROL THEIR POSSESSIONS AS THEY WISH
36. PROFIT THE EXTENT TO WHICH A PERSON OR BUSINESS IS BETTER OFF AT THE END OF A PERIOD THAN AT THE BEGINNING
37. MIXED ECONOMY A COMBINATION OF COMMAND AND MARKET ECONOMIES, SOME GOVERNMENT DECSION MAKING, SOME PRIVATE OWNERSHIP OF RESOURCES
38. SOLE PROPRIETORSHIP A BUSINESS OWNED AND RUN BY ONE PERSON
39. PARTNERSHIP A BUSINESS THAT IS OWNED BY 2 OR MORE PEOPLE
40. CORPORATION 1. A FORM OF BUSINESS ORGANIZATION THAT HAS ALL THE LEGAL RIGHTS OF AN INDIVIDUAL(CAN OWN PROPERTY, BE SUED, ENTER INTO CONTRACTS)
41. STOCK PIECES OF OWNERSHIP OF A FIRM
42. STOCKHOLDERS(SHAREHOLDERS) PEOPLE WHO BUY STOCK
43. DIVIDEND A CHECK PAID TO THE STOCKHOLDERS WHEN THE COMPANY MAKES A PROFIT
44. MERGER 2 OR MORE BUSINESSES JOIN TO FORM A SINGLE FIRM
45. HORIZONTAL MERGER INVOLVES BUSINESSES THAT MAKE THE SAME PRODUCT OR PROVIDE THE SAME SERVICE
46. VERTICAL MERGER FIRMS THAT DO DIFFERENT STEPS IN A PRODUCTION PROCESS MERGE
47. CONGLOMERATE A FIRM THAT HAS AT LEAST 4 BUSINESSES , EACH MAKING UNRELATED PRODUCTS
48. NONPROFIT ORGANIZATION A BUSINESS THAT DOES NOT SEEK FINANCIAL GAIN FOR IT'’S MEMBERS
49. LABOR UNION AN ORGANIZATION FORMED TO WORK FOR IT’S MEMBERS INTEREST IN VARIOUS EMPLOYMENT MATTERS
50. COLLECTIVE BARGAINING NEGOTIATIONS BETWEEN LABOR AND MANAGEMENT
Created by: brian17
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