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Economics 2 mmp

TermDefinition
Non-durable good last less than three years with regular use
specialization people do whatever task they are able to do best
Division of labor workers perform fewer task more frequently
Free enterprise system one in which consumers and private business make the majority of the economic decisions
Traditional economy nearly all economic activity is done based on custom, ritual and habit
Command economy government makes nearly all the economic
Market economy people and firms act in their own best interest
Economic questions what, how, for whom
capitalism a system in which private citizens own the factors of production
Private property the idea that people have the right to control their possessions as they wish
Profit the extent to which a person or business is better off at the end of a period than at the beginning
Mixed economy a combination of command and market economies, some government decision making, some private ownership of resources
Sole proprietorship a business owned and run by one person
Partnership a business that is owned by 2 or more people
Corporation a form of business organization that has all the legal rights of an individual
stock pieces of ownership of a firm
Stock holders people who buy stock
Dividend a check paid to the stockholders when the company makes a profit
Merger 2 or more businesses join to form a single firm
Horizontal merger involves businesses that make the same product or provide the same service
Vertical merger firms that do different steps in a production process merge
Conglomerate a firm that has at least 4 businesses, each making unrelated products
Non profit organization a business that does not seek financial gain for its members
Labor union an organization formed to work for its members interest in various employment matters
Collective bargining negotiations between labor and management