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Economic Terms #2

Economic Study Stack #2

QuestionAnswer
Non-durable good Lasts less than three years with regular use.
Specialization People do whatever task they're able to do.
Division of Labor Worker preform fewer tasks more frequently.
Free Enterprise System Consumers and private businesses make the majority of the economic decisions (what for, whom, and how).
Traditional Economic Nearly all economic activity is done; based on custom, ritual, and habit.
Command Economy Government makes all economic decisions.
Market Economy People and firms act in their own best interest.
Economic Questions Who? 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 professions as they with.
Profit The extent to which a rich person or business is better off at the end of a period rather than at the beginning.
Mixed Economy A combination of command and market economies; some government making decisions; some private ownership.
Sole Partnership A business owned and run by one person.
Partnership A business owned and run by two or more people.
Corporation A form of business organization that has all the legal rights of an individual (can own property, be sued, or enter into contracts).
Stock Prices of ownership of a firm.
Stockholders (Shareholders) People who buy stock.
Dividend A check payed to stockholders when the company makes a profit.
Merger 2 or more businesses join to form a single firm.
Horizontal Merger Involves business that makes the same product or provides 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.
Nonprofit Organization A business that doesn't seek financial gain for it's members.
Labor Union An organization formed to work for it's members interest in various employment matters.
Collective Bargaining Negotiations between labor and management.
Created by: terrybrunson
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