Vocrabulary
the amount of a product or service that buyers are willing and able to buy at different prices
demand
this is a person who starts a business
entrepreneur
what is the point called when supply and demand are balanced?
payment for the use of capital
interested
land, labor, capital are the
3 factors of production
the amount of a product or service that producers are willing and able to offer at different prices.
supply
this is a business owned by more than one person.
partnership
when the price paid by buyers for a good rises, then suppliers increase the supply of that good in the market.
law of supply
what is the motive for starting a business?
profit
The Sherman Anti-Trust Act, Clayton Anti-Trust Act and the Federal Trade Commission Act were all designed to
stop monopolies and prevent them
the price at which buyers and sellers agree to trade
market price
What is it when the US decides to charge an extra tax on fruit from Argentina?
tariff
When the price of a product increases, the demand for the same product will fall.
When the price of a product decreases, the demand for the product will rise.
Law of Demand
This is the percentage of a business' budget that is payroll
80%
a group of workers who collective bargain to get higher pay, more rights and better working conditions.
labor unions
this is a business owned by multiple people, however, it acts like an individual when legal situations occur.
corporation
the highest valued alternative that must be given up to engage in an activity.
opportunity cost
Name one basic product that will ALWAYS be in demand regardless of price (I gave 3 examples in class).
medicine, milk, bread, gas
companies have _______ percentage of total sales in our economy
90%
_____________ is when workers refuse to work in order to force an employer to meet their demands.
strike
this a business that is owned by only ONE INDIVIDUAL person.
sole proprietorship
one seller, complete barriers to market entry and not allowing new different products in the market is an example of a
monopoly
this drives our economy
competition
This is the percentage of all businesses that start out as sole proprietorships.
70 or 7/10
this is the first ever labor union
Knights of Labor