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Ch 14 social studies

QuestionAnswer
labor unions organizations of workers that seek to improve wages and working conditions and to protect members’ rights
boycott refuse to buy
supply the amount of a product that producers are willing and able to offer at different prices
interest the payment for the use of capital
demand the amount of a product or service that buyers are willing and able to buy at different prices
market price the price at which buyers and sellers agree to trade
corporation a business that is separate from the people who own it and legally acts as a single person
strike workers refuse to work unless employers meet certain demands
entrepreneur a person who starts a business
sole proprietorship a business owned by an individual
partnership a type of business in which two or more people share ownership
profit the difference between the total cost of production and the total revenues received from the buyers
collective bargaining the process by which representatives of the unions and business try to reach agreement about wages and working conditions
Created by: Kayla1
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