Vocab
Principles of Market Economy
The role of Businesses
Labor in American economy
Miscellaneous
100
the payment for the use of capital
What is interest
100
In a circular flow of economic activity, producers need the following three resources to create goods
What is labor, land, and capital
100
person who starts a business
What is an entrepreneur
100
when workers refuse to work unless employers meet certain demands
What is strike
100
when the owners lock all doors to your work and do not let you inside the building
What is lock-out
200
amount of product that the producers are willing to offer at different prices
What is supply
200
Producers made more shirts to sell at 80 dollars than they did at 50 dollars. this shows what law
What is law of supply
200
date in which machines were introduced into factories which created inexpensive products
What is the 1800's
200
when workers sit down on the job refusing to work
What is a sit down
200
someone who is willing to go across picket lines in order to go to work
What is a scab
300
type of business in which to or more people share ownership
What is partnership
300
when the price is high, and the quanity is increased
What is law of demand
300
what you have to take in order to start a business
What is risk
300
telling other people not to buy a product from the company in which you work
What is boycott
300
a business owned by an individual
What is sole proprietorship
400
organizations of workers that seek to improve wages or working conditions and to protect member's rights
What is later unions
400
the price and quantity at which the people's supply and demand meet crossing each other
What is equilibrium
400
3 ways businesses are owned
What is corporations, sole proprietorship, and partnership
400
the number of hours people in factories used to work a day
What is 12 to 16
400
when workers work at the slowest pace possible
What is a slow down
500
a business that is separate from the people that own it and legally acts as a single person
What is corporation
500
what the market price is determined by
What is supply and demand
500
sells stock in order to raise large amounts of money
What is corporations
500
process by which representatives of unions and businesses try to reach agreement about wages and working conditions
What is collective bargaining
500
businesses are owned in three different ways, and each of these ways has
What is advantages and disadvantages
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