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Vocabulary
Section 1
Section 2
Section 3
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100
the price at which buyers and sellers agree to trade
What is a market price?
100
the three resources producers need to create goods
What is labor, land, and capital?
100
entrepreneurs are motivated to start a businesses in order to earn this
What is earning a profit?
100
production decisions are based on what people may want and this is why this factor of production is different from others
Why is labor different from other factors of production?
100
when workers refuse to work unless employers meet certain demands
What is a strike?
200
A type of business in which two or more people share ownership
What is a partnership?
200
Advertising, styles of fashion, and popularity of brands affect this
What affects the demand for products?
200
large corporations have grown in importance because of doing this
Who is producing goods and servicing more efficiently?
200
workers had little power over wages and working conditions
What was the cause of the rise of labor unions?
200
nonunion workers hired to cross a picket line to replace the striking workers and keep a factory or other business running
What is a scab?
300
A business owned by an individual
What is a sole proprietorship?
300
interest is the payment exchanged for the use of this
What payment do producers exchange for the use of capital?
300
3 ways of owning a business
What is a sole proprietorship, a partnership, and a corporation?
300
when unions/public refuse to buy an employer's products
What is a boycott?
300
methods that employers use in disputes
What are slowdowns, sit-ins, strikes, and boycotts?
400
the process by which representatives of the unions and business try to reach agreement about wages and working conditions
What is collective bargaining?
400
the market price is determined by these laws
What are the laws of supply and demand?
400
an advantage of this type of owning a business is that you get to keep all the profits
What is an advantage of a sole proprietorship?
400
set the stage for the modern labor movement
What is the Wagner Act and start of the CIO?
400
methods that employers use in disputes
What are strikebreakers, security forces, lockouts, yellow-dog contracts, and blacklists?
500
organizations of workers that seek to improve wages and working conditions and to protect members' rights
What is a labor union?
500
where the lines of supply and demand (on the graphs) meet
What is the equilibrium?
500
corporations sell stock in order to raise this
What is raising large amounts of money?
500
low wages, long workdays, and boring, dangerous jobs is why these people suffered
Why did laborers suffer?
500
the curve that goes up on a supply and demand graph
What is a supply curve?