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Ch 14 economics
Question | Answer |
---|---|
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. |