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ECONOMICTERMS 2
| Term | Definition |
|---|---|
| NON-DURABLE GOODS | 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(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 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(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 |
| 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 |
| NONPROFIT ORGANIZATION | A BUSINESS THAT DOES NOT SEEK FINANCIAL GAIN FOR IT'’S MEMBERS |
| LABOR UNI0N | AN ORGANIZATION FORMED TO WORK FOR IT’S MEMBERS INTEREST IN VARIOUS EMPLOYMENT MATTERS |
| COLLECTIVE BARGAINING | NEGOTIATIONS BETWEEN LABOR AND MANAGEMENT |
Created by:
miamack
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