Economic Systems
What system promotes collective ownership of production, aiming to reduce economic inequality?
Socialism
These organizations protect workers rights and negotiate better wages and conditions?
Unions
A market dominated by a single seller is called?
Monopoly
This is the name of the central bank of the United States.
Federal Reserve
These rules are made by the government to make businesses and market fairer.
Regulations
Societies transition to machine- based production is known as?
Industrialism
Describes events when workers refuse to work to demand better conditions?
Strike
A market controlled by only 2 dominant players is called this?
Duopoly
When prices rise and your money buys less.
Inflation
When the government breaks up monopolies to encourage competition.
Trust-busting
Economic system emphasizes survival of the fittest applied to business and society?
Social Darwinism
These towns were built around factories, often owned and controlled by the company itself?
Company town
When businesses collude to control supply and price, they form this?
Cartel
When prices fall and things cost less.
deflation
This organization helps protect people from unfair or deceptive businesses practices.
FTC
System emphasizes private property and free markets?
Capitalism
Individuals or strategies aimed at preventing union formation are called?
Union-Busters
Large businesses made up of smaller companies that work together are called this.
Conglomerates
The fee you pay when you borrow money, usually expressed as a percentage.
Interest
This happens when the government steps in to fix or help the economy.
Government intervention
Alternative of capitalism advocates for a stateless, classless society?
Communism
What is the government body that regulates labor practices and competition to ensure fairness?
FTC( Federal Trade Commission)
A market where there are many buyers and sellers, and no one single entity controls the price?
Competitive market
When the government sets the value of money based on a fixed amount of gold.
Gold Standard
These are large companies that dominate their markets by working together.
Trust