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Markets, Goods and Services, Labor and Business

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