Markets, Goods and Services, Labor and Business
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| A business owned by one person or a married couple | Sole proprietorship
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| business that two or more people own | Partnership
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| large business with many owners that gives owners personal liability protection from lawsuits | Corporations
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| Believed that competition will bring prices down to their lowest possible levels where producers can still make a profit | Adam Smith
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| Believed that the government should boost demand by spending | John Maynard Keynes
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| Felt that all means of production should be publicly owned | Karl Marx
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| When there is only one firm, which is large in size, in a market | Monopoly
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| When there are only a few sellers in a market | Oligopoly
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| After some point, successive equal-sized increases in a factor such as labor, will result in smaller increases in input | Law of Diminishing Marginal Returns
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| Average costs will go down with increases in output | Economies of Scale
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| Costs that do not vary with output such as rent | Fixed cost
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| Costs that vary with the rate of production such as wages and purchases of resources | Variable costs
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| Variable costs and fixed costs together | Total costs
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| The additional revenue you receive if you make and sell an additional unit of output | Marginal revenue
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| A consequence of an economic activity that spills over to affect third parties | Externality
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| Getting goods to consumers who want them | Marketing
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| Businesses that buy products at a lower price from manufacturers and then sells those goods to retailers | Wholesalers
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| A market situation in which there are a few large suppliers | Oligopoly
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| The control of the supply of a good or service by one company | Monopoly
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| A person who starts a new business | Entrepreneur
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| Money used to produce goods and services | Capital
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| The total amount of money a business or individual makes | Gross income
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| The income that remains after a business has paid its expenses, taxes, and other costs | Profit
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| A method of production in which each worker does just one part of the job | Division of labor
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| The buildings and machines needed to make goods and provide services | Capital goods
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| Businesses that sell products directly to the public | Retailers
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| Agency that has the power to investigate businesses to see if they were monopolies | Federal Trade Commission
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| The removal of government regulations or control | Deregulation
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| A joining of two or more companies to form a larger one | Merger
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| Settling a dispute by agreeing to accept a third party's decision | Arbitration
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| A business or factory where workers can choose whether or not to join a union | Open shop
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| A way of settling disputes in which a third party listens to both sides and then suggests a solution | Mediation
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| A business that hires only union members | Closed Shop
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| Negotiations between business owners and labor unions about conditions and terms of employment | Collective bargaining
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| A court order commanding a person or group to stop a certain action | Injunction
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| An economic approach in which government does not interfere with business | Laissez-faire
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| A refusal to work until an employer meets certain conditions | Strike
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Created by:
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