Flashcards in Civics Chapter 12 Deck (12)
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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
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