the price at which buyers and sellers agree to trade
What is market price?
100
In a circular flow of economic activity, producers need what three resources to create good:
labor, land, & capital
100
Entrepreneurs are motivated to start a business in order to...
earn a profit
100
during a _____, workers stay on the job, but they work more slowly.
slow-down
100
Our free market economy depends on a circular flow of what three things?
1) goods and services
2) labor
3) money
200
the payment for the use of capital
What is interest?
200
The law of demand says that when product prices...
low; more people will buy
200
Which payment do businesses exchange for factors of production?
a) rent
b) interest
c) wages and salaries
d) all of the above
d) all of the above
200
Why is labor different from other factor of production?
workers care about wages and working conditions
200
Why do corporations sell stock?
to raise larges amounts of money
300
a business that is separate from the people who own it and legally acts as a single person
What is a corporation?
300
Producers made more shirts to sell at $60 that they did at $40. This shows...
the law of supply
300
give two of the three examples of how businesses are owned in our economy
you could say
1) sole proprietorships
2) corporations
3) partnerships
300
What is the primary cause of the rise of labor unions?
Workers had little power over wages and working conditions
300
Give an example of why wage laborers suffered in the 1800s.
1) low wages
2) boring, dangerous jobs
3) long workdays
400
a business owned by an individual
What is a sole proprietorship?
400
The market price is determined by the...
laws of supply and demand
400
Large corporations have grown in importance because they...
produce goods and services more efficiently
400
list 2 'weapons' used by unions
could say...sit-downs, slow downs, boycotts, or a strike
400
Give two of the weapons businesses use.
1) scabs
2) lockout
3) yellow-dog contracts
500
when representatives of a union and a business try to agree about wages and working conditions
What is collective bargaining?
500
Which of the following, along with price, affects the demand for products?
1) advertising
2)popularity of brands
3) styles of fashion
4) all of the above
4) all of the above
500
name one advantage of a sole proprietorship
- the owner keeps all profit
- makes decisions w/o running it by someone else
500
What set the stage for modern labor movement?
Wagner Act & start of the CIO
500
What is the I.P.O and why is it good for private companies?
it stands for initial public offering and it is when a private company first goes public and offers stock
it is good b/c it is when the small companies begin to make lots of money