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Stack #4714040
| Question | Answer |
|---|---|
| the total market value of all final goods and services produced within a specific period of time. | GDP (Gross Domestic Product) |
| The business practice of shifting work and manufacturing to lower-cost regions or nations in order to reduce expenses. | Labor Arbitrage |
| a system where businesses and people make, trade, and use goods and services. | Economy |
| Where there is a sole supplier of a certain product, letting them control the market price without any competition | Monopoly |
| How much of certain good or service that is available to be sold | Supply |
| the willingness of consumers to buy a certain good or service | Demand |
| A medium of exchange used to facilitate trade in a country or region | Currency |
| The amount of money borrowed by an individual that must be paid back with interest over a period of time. | Debt |
| An economic system where the government is largely in charge of the production, distribution, and pricing of resources. | Managed Economy |
| An economic philosophy that advocates for minimal government intervention and for a free market, translating to “let it be.” | Laissez Faire |
| A legal business entity authorized under state laws with specific rights, liabilities, and duties. | Corporation |
| A person who creates a new business or product while acknowledging the potential financial risks to solve problems and produce profit. | Economic or Business Cycle |
| A person who creates a new business or product while acknowledging the potential financial risks to solve problems and produce profit. | Entreprenuer |
| an organization of workers to negotiate with their employers for the improvement wages, benefits, and working conditions with their employers | Labor Union |
| Refers to when the cost to make each item goes down as a company produces more items. (due to fixed cost spending and bulk purchasing.) | Economies of Scale |
| A company that doesn’t product goods or services, rather holding interest or stock for other companies | Holding Company |
| A legal arrangement where a grantor puts assets in possession of a trustee to manage and hold for a third party known as the beneficiary. | Trust |
| A drop in the prices of goods and services across an entire economy. | Deflation |
| An increase in the prices of goods and services across an entire economy. | Inflation |
| A labor organization that represents all workers regardless of training or skill. | Industrial Union |
| A work stoppage enforced by the management of a company that denies workers from entering the workforce. | Lockout |
| The economic process of buying a product in a market and selling it in a different market at a higher price for profit. | Arbitration |
| A place of work where the employer solely hires members from a specific labor union. | Closed Shop |
| The substantial economic difference between the wealthiest households in an economy and the rest of the population. | Weather Gap |
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