EC-907
An economy where the central government controls everything and makes all decisions.
What is a Command Economy?
An organized group of workers joined together to protect their pay and working conditions.
What is a Union?
Work done by someone else that you pay for, like a haircut or car repair.
What is a Service?
The 4 main factors of production needed to make anything.
What are Land, Labor, Capital, and Entrepreneurship?
When two businesses sell the same thing to the same customers (like McDonald's vs. Wendy's).
What is Direct Competition?
An economy based on old family customs, traditions, and habits.
What is a Traditional Economy?
When union leaders talk with bosses to agree on pay and work contracts
What is Collective Bargaining?
Physical items you can buy and touch, like shoes or phone
What is a Good?
Things found in nature like trees, water, and land.
What are Natural Resources
When only one single business sells a product, so there is no competition.
What is a Monopoly?
An economy that combines free enterprise with government rules.
What is a Mixed Economy?
When workers refuse to work to protest for better pay or safety
What is a Strike?
Items meant to last a long time, usually 3 years or more.
What are Durable Goods?
The physical or mental work done by people.
What are Human Resources
Competing using things other than lower prices, like better quality, ads, or service.
What is Non-Price Competition?
The 3 main questions every economy must answer: What to make, how to make it, and...? whom to produce?"
Answer: What is "For whom to produce?"
When a boss shuts out workers and stops them from working during an argument.
What is a Lockout?
Equipment, tools, or factories that businesses buy to make other items.
What are Capital Goods?
Buildings, tools, and machinery used to run a business.
What is Capital?
A market controlled by just a few huge companies (like cell phone carriers).
What is an Oligopoly?
An economic system where individuals and private businesses own property and make choices based on supply and demand.
What is a Market Economy
The law that let NC become a "Right-to-Work" state where union membership isn't forced.
What is the Taft-Hartley Act?
Goods provided by the government that everyone can use, like streetlights or highways.
What are Public Goods?
The basic problem in economics: having unlimited wants but limited resources.
What is Scarcity?
A ideal market with lots of sellers making identical items with easy entry.
What is Perfect Competition?