Show:
key terms
key terms and main ideas
main ideas
main ideas
main ideas
100
the price at which buyers and sellers agree to trade
What is market price?
100
A business owned by an individual
What is sole proprietorship?
100
Producers made more shirts to sell at 60 dollars than they did at 40 dollars. This shows...
the law of supply
100
Entrepreneurs are motivated to start a business in order to do what?
earn a profit
100
Corporations sell stock in order to...
share responsibility for debt
200
the payment for the use of capital
What is interest?
200
A business that is separate from the people who own it and legally acts as a single person.
What is corporation
200
The market price is determined by the..
laws of supply and demand
200
Which payment do businesses exchange for factors of production?
rent, interest, and wages and salaries
200
Wage laborers in the 1800's suffered because of...
low wages,boring, dangerous jobs,and long workdays
300
the amount of a product or service buyers are willing and able to buy at different prices
What is demand?
300
Which of the following,along with price,affects the demand for products?
advertizing,styles of fashion,and law of demand
300
Which is NOT an example of how businesses are owned in our economy?
stock market
300
Which is NOT an example of a service-oriented business?
automobile manufacturer
400
A person who starts a business
What is a entrepreneur?
400
in a circular flow of economic activity,producers need the following three resources to create goods:
labor,land, and capital
400
What payment do producers exchange for the use of capital?
interest
400
Large corporations have grown in importance because they...
produce goods and services more efficiently
400
Why is labor different from other factors of production?
Workers care about wages and working conditions
500
A type of business in which two or more people share ownership
What is partnership?
500
The law of demand says that when the product prices are
low more people will buy
500
Our free market economy depends on a circular flow of?
goods and services,money and labor
500
An advantage of a sole proprietorship is that the owner...
keeps all profits
500
Which was NOT a weapon used by unions or employers in the early day?
Collective bargaining