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Economics 2 mmp
| Term | Definition |
|---|---|
| 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 |
Created by:
michaelamariepatters
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