Show:
Production
Workers
Systems 1
Systems 2
Market Terms
100
State and local governments give businesses tax breaks
What is incentives
100
Workers who have a special skill
What is skilled workers
100
Businesses are allowed to compete for consumers with little government involvement
What is free enterprise
100
Private citizens own most or all of the means of production
What is capitalism
100
One company controls the market for a particular product or service
What is Monopoly
200
Dividing a task into smaller jobs in order to make production more efficient
What is divison of labor
200
Workers who are typically highly educated, skilled, and do not do physical labor
What is white collar workers
200
Which supply, demand, and prices help people make decisions and allocate resources
What is market economy
200
Producers will make what consumers are willing to buy
What is consumer sovereignty
200
Combining two or more companies and all their assets and liabilities
What is Merger
300
Costs that change with the number of units produced
What is variable costs
300
Workers who do not have any special skills
What is unskilled workers
300
No government involvement in business
What is laissez faire
300
The struggle between businesses to get limited consumer dollars
What is competition
300
Large corporation that consists of unrelated smaller companies
What is Conglomerates
400
Giving up resources in order to receive a greater payoff in the long run
What is tradeoff
400
Workers who may be skilled or unskilled that do physical labor
What is blue collar workers
400
Anywhere buyers and sellers come together to exchange money for goods and services
What is market
400
Book written by Karl Marx which calls for the working class to overthrow the upper class
What is Communist Manifesto
400
Laws aimed at breaking up monopolies and preserving competition
What is Anti-Trust Laws
500
Improving on existing ideas or developing new ideas to make production better
What is innovation
500
Improved with additional training or education
What is human capital
500
Entrepreneurs start businesses in order to make money
What is profit motive
500
Economic system that has characteristics of market and command systems
What is Mixed Economy
500
A company purchases all the businesses that contribute to the production of a product
What is Vertical Merger