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CH 14 vocab -SMS

QuestionAnswer
intrest payment for the use of capitol
supply is defined as the amount of a product that producers are willing and able to offer at different prices
demand is the amount of a product or service that buyers are willing and able to buy different prices
market price is the price at which buyers and sellers agree to trade
entrepreneur a person who starts a business
sole proprietorship which is an business owned by an individual
partnership is a type of business which two or more people share ownership
corporation is a business that is separate from the people who own it and legally acts as a single person
labor unions which are organizations of workers that seek to improve wages and working conditions and to protect members rights
boycott refuse to buy
collective bargaining is the process by which representives of the unions and business try to reach agreement about wages and working conditions
strike workers refuse to work unless employers meet certain demands
Created by: robbm
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