Civics Chapter 12 Flashcards
(12 cards)
Demand
The amount of a product or service that buyers are willing and able to buy at different prices.
Interest
Payment for use of capital
Supply
Amount of an object that producers are willing and able to offer at different prices.
Market price
Price at which buyers and sellers agree to trade
Entrepreneur
Person who starts a business
Sole proprietorship
Business owned by an individual
Partnership
Business in which two or more people share ownership
Corporation
Business that is separate from the people who own it and legally acts as a single person
Labor unions
Organizations of workers that seek to improve wages and working conditions and to protect member’s rights.
Collective bargaining
Process by which representatives of the unions and business try to reach agreement about wages and living conditions
Boycott
Refuse to buy
Strike
Workers refuse to work unless employers meet certain demands
