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Economics
Chapters 8, 9, and 12
| Question | Answer |
|---|---|
| Ch.8:Person who organizes, manages, and assumes the risks of a business in order to gain profits | Entrepreneur. |
| A Beginning business enterprise | Startup. |
| Private- or government-funded agency that assists new businesses by providing advice or low-rent buildings and supplies | Small business incubator. |
| Extra supply of the items used in a business, such as raw materials or goods for sale | Inventory. |
| Income recieved from the sale of goods and/or services; also, slips of paper documenting a purchase | Receipts. |
| Business owned and operated by one person | Sole Proprietorship. |
| Onwer of a business | Proprietor. |
| Requirement that an owner is personally and fully responsible for all losses and debts of a business | Unlimited Liability. |
| All items to which a business or household holds legal claim | Assets. |
| Business that two or more individuals own and operate | Partnership. |
| Special form of pertnership in which one or more partners have limited liability but no voice in management | Limited Partnership. |
| Partnership set up for a specific purpose just for a short period of time | Joint Venture. |
| Type of Business organization owned by many people but treated by law as though it were a person; it can own property, pay taxes, make contracts, and so on. | Corporation. |
| Share of ownership in a corporation that entitles the buyer to a certain part of the future profits and assets of the corporation | Stock. |
| Requirement in which an owner's responsibilityfor a company's debts is limited to the size of the owner's investment in the firm | Limited Liability. |
| Document listing basic information about a corporation that is filed with the state where the corporation by the state where it is established | Corporate Charter. |
| Shares of ownership in a corporation that give stockholders voting rights and a portion of future profits (after holders of preferred stock are paid) | Common Stock. |
| Portion of a corporation's profits paid to its stockholders | Dividend. |
| Shares of ownership in a corporation that give stockholders a portion of future profits (before any profits go to holders of common stock), but no voting rights | Preferred Stock. |
| Contract in which one business (the franchiser) sells to another business (the franchisee) the right to use the franchiser's name and sell its products | Franchise. |
| Ch.9: The extent to which competition prevails in particular markets | Market Structure. |
| Perfect Competition is a market situation in which there are numerous buyers and sellers, and no single buyer or seller can... | Affect Price. |
| Conditions of Perfect Competition are... | 1) A Large Market 2) A Similar Product 3) Easy Entry and Exit 4) Easily Obtainable Information 5) Independence. |
| True Perfect Competition is... | Rarely seen in the real world. |
| Agriculture is an example of Perfect Comptition because... | Individual farmers have almost no control over the market price of their goods. |
| Benefits to Society in a Perfect Competition are... | The prices are forced down to one that just covers the costs of production plus a small profit. |
| Market situation in which a single supplier makes up an entire industry for a good or service with no close substitutes | Monopoly. |
| Characteristics of a Monopoly are... | 1) A single seller 2) No Substitutes 3) No Entry 4) Almost Complete Control of Market Price. |
| Obstacles to competition that prevent others from entering a market | Barriers to entry. |
| Low production costs resulting from the large size of output | Economies of scale. |
| Exclusive right to make, use, or sell an invention for a specified number of years | Patent. |
| Exclusive right to sell, publish, or reproduce creative works for a specified number of years | Copyright. |
| Industry dominated by a few suppliers who exercise some control over price. | Oligopoly. |
| Characteristics of an Oligopoly are... | 1) Domination by a Few Sellers 2) Barriers to Entry 3)Indentical or Slightly Different Products 4) Nonprice Competition 5) Interdepence. |
| Maufacturers' use of minor differences in quality and features to try to differentiate between similar goods and services | Product Differentation. |
| Arrangementment among groups of industrial businesses to reduce international competition by controlling the price, production, and distribution of goods. | Cartel. |
| Market situation in which a large number of sellers offer similar but slightly different products and in which each has some control over price. | Monopolistic Competition. |
| The Characteristics of a Monopolistic Competition are... | 1) Numerous Sellers 2) Relatively Easy Entry3) Differntiated Products 4) Nonprice Competition 5) Some Control Over Price. |
| A board of directors, the majority of whose members also serve as the board of directors of a competiting corporation. | Interlocking Directorate. |
| Federal and state laws passed to prevent new monopolies from forming and to break up those that already exist | Antitrust Legislation. |
| A combined company that results when one corporation buys more than half the stock of another corporation and, thus, controls the second corporation. | Merger. |
| a large corporation made up of smaller corporations dealing in unrelated businesses. | Conglomerate. |
| a large corporation made up of smaller corporations dealing in unrelated businesses. | Conglomerate. |
| Reduction of government regulation and control over business activity | Deregulation. |
| Total number of people 16 years old or older who are either employed or actively seeking work | Civil labor force. |
| Category of workers employed in crafts, manufacturing, and nonfarm labor. | Blue-collar workers. |
| Category of workers employed in offices, sales, or professional positions. | White-collar workers. |
| People who provide services directly to individuals. | Service workers |
| People whose jobs require no specialized training. | Unskilled workers. |
| People who have learned a trade or craft either through a vocational school or as an apprentice to an experienced worker. | Skilled workers |
| Highly educated individuals with college degrees and usually additional education or training. | Professionals. |
| Federal law that sets the lowest legal hourly wage rate that may be paid to certain types of workers. | Minimum Wage Law. |
| Assciation of workers organized to improve wages and working conditions for its members. | Labor Union. |
| Deliberate work stoppage by workers to force an employer to give in to their demands. | Strike. |
| Union made up of skilled workers in a specific trade or industry. | Craft Union. |
| Union made up of all the workers in an industry regardless of job or skill level. | Industrial Union. |
| Members of a union in a particular factory, company, or geographic area. | Local Union. |
| Company in which only union members could be hired. | Closed Shop. |
| Company that requires new employees to join a union after a specific period of time. | Union Shop. |
| Company in which employees are not required to join the union, but must pay union dues. | Agency Shop. |
| State laws forbidding unions from forcing workers to join and pay union dues. | Right-to-Work Laws. |
| Process by which unions and employers negotiate the conditions of employment. | Collective Bargaining. |
| Provision calling for an additional wage increase each year if the general level of prices rises. | Cost-of-living Adjustment(COLA). |
| A neutral person tries to get both sides to reach an agreement during negotiations. | Mediation. |
| Union and management submit the issues they cannot agree on to a third party for a final decision. | Arbitration. |
| Action of the strikers who walk in front of a workplace carrying signs that state their disagreements with the company. | Picketing |
| Economic pressure exerted by unions urging the public not to purchase the goods or services produced by a company | Boycott |
| Situation that occurs when management prevents workers from returning to work until they agree to a new contract. | Lockout. |
| Court order preventing some activity. | Injunction. |
Created by:
Hayley01
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