Key Terms
Key Terms pt.2
Labor in the American Economy
The Principle of Our Market Economy
The Role of Business in the American Economy
100
The price at which buyers and sellers agree to trade
What is market price
100
a person who starts a business
What is an entrepreneur
100
Why is labor different from other factors of production?
What is workers caring about wages and working conditions
100
In the circular flow of economic activity, producers need the following three resources to create goods:
What are land, labor, and capital
100
Which payment do businesses exchange for factors of production?
rent, interest, wages and salaries
200
amount of a product or service buyers are willing and able to buy at different prices
What is demand
200
a business owned by an individual
What is a sole proprietorship
200
What was the primary cause of the rise of labor unions?
Workers had little power over wages and working conditions
200
The law of demand says that when product prices are low:
More people will buy
200
Is stock market an example of how businesses are owned in our economy?
It is not
300
the payment for the use of capital
What is interest
300
During one of these, workers stay on the job but work more slowly
What is a slow-down
300
This set the stage for the modern labor movement
What is the Wagner Act and start of the CIO
300
Producers made more hats to sell at $60 than they did at $40. This shows the law of:
supply
300
Large corporations have grown in importance because they
produce goods and services more efficiently
400
a type of business in which two or more people share ownership
What is partnership
400
In this, representatives of a union and a business try to agree about wages and working conditions
What is collective bargaining
400
Why did wage laborers in the 1800's suffer?
Low wages, boring and dangerous jobs, and long workdays
400
What payment do producers exchange for the use of capital?
What is interest?
400
Corporations sells stocks in order to
raise large amounts of money
500
a business that is separate from the people who own it and legally acts as a single person
What is corporation
500
What workers formed to help improve wages and working conditions and to protect their rights
What are labor unions
500
Someone who crosses the line,willing to work
What is a scab
500
Our free market economy depends on the circular flow of
goods and services, labor, and money
500
An advantage of a sole proprietorship is that the owner
keeps all profits
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