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Markets
Markets, Goods and Services, Labor and Business
| Question | Answer |
|---|---|
| A business owned by one person or a married couple | Sole proprietorship |
| business that two or more people own | Partnership |
| large business with many owners that gives owners personal liability protection from lawsuits | Corporations |
| Believed that competition will bring prices down to their lowest possible levels where producers can still make a profit | Adam Smith |
| Believed that the government should boost demand by spending | John Maynard Keynes |
| Felt that all means of production should be publicly owned | Karl Marx |
| When there is only one firm, which is large in size, in a market | Monopoly |
| When there are only a few sellers in a market | Oligopoly |
| After some point, successive equal-sized increases in a factor such as labor, will result in smaller increases in input | Law of Diminishing Marginal Returns |
| Average costs will go down with increases in output | Economies of Scale |
| Costs that do not vary with output such as rent | Fixed cost |
| Costs that vary with the rate of production such as wages and purchases of resources | Variable costs |
| Variable costs and fixed costs together | Total costs |
| The additional revenue you receive if you make and sell an additional unit of output | Marginal revenue |
| A consequence of an economic activity that spills over to affect third parties | Externality |
| Getting goods to consumers who want them | Marketing |
| Businesses that buy products at a lower price from manufacturers and then sells those goods to retailers | Wholesalers |
| A market situation in which there are a few large suppliers | Oligopoly |
| The control of the supply of a good or service by one company | Monopoly |
| A person who starts a new business | Entrepreneur |
| Money used to produce goods and services | Capital |
| The total amount of money a business or individual makes | Gross income |
| The income that remains after a business has paid its expenses, taxes, and other costs | Profit |
| A method of production in which each worker does just one part of the job | Division of labor |
| The buildings and machines needed to make goods and provide services | Capital goods |
| Businesses that sell products directly to the public | Retailers |
| Agency that has the power to investigate businesses to see if they were monopolies | Federal Trade Commission |
| The removal of government regulations or control | Deregulation |
| A joining of two or more companies to form a larger one | Merger |
| Settling a dispute by agreeing to accept a third party's decision | Arbitration |
| A business or factory where workers can choose whether or not to join a union | Open shop |
| A way of settling disputes in which a third party listens to both sides and then suggests a solution | Mediation |
| A business that hires only union members | Closed Shop |
| Negotiations between business owners and labor unions about conditions and terms of employment | Collective bargaining |
| A court order commanding a person or group to stop a certain action | Injunction |
| An economic approach in which government does not interfere with business | Laissez-faire |
| A refusal to work until an employer meets certain conditions | Strike |
Created by:
betsynewmark