Terms
Main Ideas
Principles of US economy
Business in US
Labor in US
100
The price buyers and sellers agree on.
What is the MARKET PRICE?
100
The United States has this type of economy.
What is a MARKET ECONOMY?
100
United States economic activity moves in this way.
What is CIRCULAR FLOW?
100
Oprah, Mark Zuckerberg and Sir Richard Branson are examples of this.
What is an ENTREPRENEUR?
100
After industrialization many people moved to cities to work here.
What are FACTORIES?
200
A person who starts his/her own business.
What is an ENTREPRENEUR?
200
The most common form of business ownership in America.
What is SOLE PROPRIETORSHIP?
200
Workers get this in exchange for labor
What is a WAGE?
200
This motivates people to start their own businesses.
What is MONEY?
200
Organizations of workers that wanted to improve wages and working conditions.
What are LABOR UNIONS?
300
A business owned by an individual.
What is a SOLE PROPRIETORSHIP?
300
New inventions and technology sparked big business in the 1800's.
What is INDUSTRIALIZATION?
300
The benefits a owner receives after paying his workers and bills.
What is PROFIT?
300
The cost for borrowing capital, like a loan from a bank.
What is INTEREST?
300
Union representatives and employers meet to try to reach an agreement about wages and working conditions.
What is COLLECTIVE BARGAINING?
400
Workers refusal to work unless employers meet demands.
What is a STRIKE?
400
Workers receive this in exchange for labor.
What are Wages?
400
The AMOUNT of a product producers are willing to offer at different prices. When prices are high this is high.
What is SUPPLY?
400
When two or more people share ownership of a business.
What is a PARTNERSHIP?
400
Tactics business owners used while workers were on strike.
What is blacklists, firing, hiring scabs?
500
Payment for the use of capital.
What is INTEREST?
500
An Act made in 1935 to outlaw child labor, increase wages and cut workers hours.
What is the Wagner Act?
500
The amount of a product buyers are willing to buy at different prices. When price is low this is high.
What is DEMAND?
500
A big business that is separate from the people who own it and legally acts as one person.
What is a CORPORATION?
500
Tactics Union members used to gain attention from their employers.
What are strikes, boycotts, sit ins
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