Markets
This is where buyers and sellers do business.
What is a market?
This business is owned and managed by only one person who receives all the profits and debts of a business.
What is a sole proprietor?
This is when firms have job that was once done within their own company and is now completed by an outside contractor.
What is outsourcing?
This is when employees must be members of a union to be hired and must remain union members to stay employed.
What is a closed shop?
This is where economists say that any market other than perfect competition is an imperfectly competitive market.
What is a market failure?
This is the most efficient market structure because there are many firms competing and the price is determined by equilibrium.
What is perfect competition?
This business is shared and owned by two or more partners who split profits and liability.
What is a partnership?
These are jobs that do not require any specialized training.
What is unskilled labor?
This is when all workers must become union members after they are hired.
What is union shop?
This is where shares are bought and sold.
What is a stock market?
This is a less competitive market where a few companies dominate the market.
What is an oligopoly?
This is a business that acts on its own, independent of any one individual; it is owned by shareholders.
What is a corporation?
What is skilled labor?
Unions represent workers and negotiate with employers to obtain better wages or conditions for workers.
What is collective bargaining?
These are goods and services provided by the government because they benefit everyone, but it would be hard to get people to pay for them otherwise.
What are public goods?
This is a competitive market structure where the product is differentiated but there are many sellers; consumers usually develop brand loyalty.
What is monopolistic competition?
In this business, an independent business owner can choose to be part of a larger parent company who gives them the exclusive rights to use the company's trademarks, policies and products.
What is a business franchise?
These are jobs that require a higher education degree and advanced training.
What is professional labor?
This is when unions focus on economic concerns such as better pay and benefits instead of social issues.
What is bread and butter unionism?
These affect people who are not the producer or consumer of a good or service and are side effects of producing the good or service and can have a positive or negative effect on others.
What are externalities?
Name one of the three types of legal monopolies.
What is resource, government-instituted, or natural?
a business that is owned and operated by its members, rather than by investors or stockholders
What is a cooperative?
This is anyone aged 16 or over who is looking for a job or already has one.
What is labor force?
These are laws that outlaw union membership as a requirement for workers, making union shops illegal.
What is right to work laws?
This is the training, expertise, knowledge and skill required to perform a job.
What is human capital?