Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
economic t and c 2
NOTHIN BUT A PEANUT!!!!!
| Question | Answer |
|---|---|
| Traditional economy | NEARLY ALL ECONOMIC ACTIVITY IS DONE BASED ON CUSTOM, RITUAL AND HABIT |
| Command economy | GOVERNMENT MAKES NEARLY ALL THE ECONOMIC DECISIONS |
| 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 DECSION 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(CAN OWN PROPERTY, BE SUED, ENTER INTO CONTRACTS) |
| Stock | PIECES OF OWNERSHIP OF A FIRM |
| STOCKHOLDERS(SHAREHOLDERS) | PEOPLE WHO BUY STOCK |
| DIVIDEND | A CHECK PAID TO THE STOCKHOLDERS WHEN THE COMPANY MAKES A PROFIT |
| Meger | 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 |
| Nonprofit organization | A BUSINESS THAT DOES NOT SEEK FINANCIAL GAIN FOR IT'’S MEMBERS |
| Laber union | AN ORGANIZATION FORMED TO WORK FOR IT’S MEMBERS INTEREST IN VARIOUS EMPLOYMENT MATTERS |
| Collective bargaining | NEGOTIATIONS BETWEEN LABOR AND MANAGEMENT |
| Bond | A FORMAL CONTRACT TO REPAY BORROWED MONEY AND INTEREST AT REGULAR FUTURE INTERVALS |
| DIMINISHING MARGINAL UTILITY | THE MORE UNITS OF SOMETHING THAT A PERSON AQUIRES, THE LESS EAGER THAT PERSON IS TO BUY MORE |
| DEMAND ELASTICITY | THE EXTENT TO WHICH A CHANGE IN PRICE AFFECTS DEMAND |
| INELASTICITY | PRICE HAS VERY LITTLE AFFECT ON DEMAND |
Created by:
ciroborja
Popular American Government sets