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Ch 14 economics

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
supply defined as the amount of a product that producers are willing and able to offer at different prices
market price the price at which buyers and sellers agree to trade
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
corporation in contrast, 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.
collective bargaining the process by which representatives of the unions and business try to reach agreement about wages and working conditions
boycott refuse to buy
strike workers refuse to work unless employers meet certain demands
a market economy... A market economy is a circular flow of goods, services, capital, and payments, such as wages and interest, by producers.
the laws of supply and demand The laws of supply and demand work together to determine the market price of a product and the quantity offered.
entrepreneurs... Entrepreneurs face the risk of losing their money and the possible reward of profit.
the 3 factors of production are... The three factors of production are labor, land, capital.
the 3 basic forms of business ownership are... The three basic forms of business ownership are sole proprietorship, partnerships, and corporations.
the american economy today is... The American economy today is dominated by large businesses organized as corporations.
as a result of the growth of wage labor... As a result of the growth of wage labor, workers began to form labor unions to gain more control over their working conditions.
labor unions participate in... Labor unions participate in collective bargaining with employers over wages and working conditions.
labor unions use... Labor unions use boycotts, strikes, and other tactics to achieve change.
Created by: JRCTech