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Economics

Chapters 8, 9, and 12

QuestionAnswer
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