Competition
Wheat, petroleum, milk, precious gems
What are examples of purely competitive markets?
type of business run by a single owner
What is a sole-proprietorship?
price of labor
What is the wage rate?
any coins and paper bills used as money
What is currency?
to serve as the nation's bank and regulate the money supply
What is the purpose of the Federal Reserve?
subway systems, water municipalities, sanitation departments
What are examples of natural monopolies?
full control of the business, sole receiver of profit
What are the advantages of sole-proprietorships?
unskilled, semi-skilled, skilled, professional
What are the different job skill levels?
durable, portable, divisible, uniform, rare, accepted
What are the six characteristics of money?
income, growth, common, preferred
What are the types of stock?
a market structure in which a large number of firms all produce the same product and no single seller controls supply or price
What is pure/perfect competition?
a contract that gives a single firm the right to sell its good within an exclusive market
What is a franchise?
all nonmilitary people who qualify as employed or unemployed
What is the labor force?
What are the three uses of money?
actions that the Fed takes to influence real GDP and the rate of inflation
What is monetary policy?
a market in which a single seller dominates; a market that capitalizes on supplying a unique product
the combination of more than three businesses that produce unrelated products/services
What is a conglomerate?
an unofficial and invisible barrier in a workplace that prevents some women and minorities from advancing
What is the glass ceiling?
objects that have value in and of themselves and are also used as money
What is commodity money?
the process by which banks record whose account gives up money and whose receives money when someone writes a check
What is check clearing?
a way to attract customers through style, service, or location, rather than a lower price
What is non-price competition?
unduly influencing the culture and politics of the host nation and taking advantage of the people who live there
What are the reasons multinationals face criticism?
actions intended to promote inclusion and diversity in the workplace
What is affirmative action?
objects that have value because the government decreed that they are acceptable for paying debts
What is fiat money?
the dollar value of all final goods produced within a country's borders in a given year
What is Gross Domestic Product or GDP?