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economic Terms
economic terms
| Question | Answer |
|---|---|
| non-durable good | lasts 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(what, for, whom, how) |
| 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 extend 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(can own property, be sued, enter into contarcts) |
| 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 |
| 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 atleast 4 businesses, each making unrelated products |
| nonprofit organization | a business that does not seek financial gain for its members |
| labor union | an organization formed to work for its members interest invarious employment matters |
| collective bargaining | negotiations between labor and management |
Created by:
jessicaaguilera
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