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Flashcards in Civics Chapter 12 Deck (12):
0

Interest

Payment for use of capital

1

Demand

The amount of a product or service that buyers are willing and able to buy at different prices.

2

Supply

Amount of an object that producers are willing and able to offer at different prices.

3

Market price

Price at which buyers and sellers agree to trade

4

Entrepreneur

Person who starts a business

5

Sole proprietorship

Business owned by an individual

6

Partnership

Business in which two or more people share ownership

7

Corporation

Business that is separate from the people who own it and legally acts as a single person

8

Labor unions

Organizations of workers that seek to improve wages and working conditions and to protect member's rights.

9

Collective bargaining

Process by which representatives of the unions and business try to reach agreement about wages and living conditions

10

Boycott

Refuse to buy

11

Strike

Workers refuse to work unless employers meet certain demands