Social Studies Flashcards
(20 cards)
Payment for the use of capitol
Interest
The amount of a product or service buyers are willing and able to buy at different prices.
Demand
The amount of a product that producers are willing and able to offer at different prices.
Supply
The price at which buyers and sellers agree to trade.
Market price
a person who starts a business.
Entrepreneur
A business owned by an individual
Sole proprietorship
A type of business in which two or more people share ownership
Partnership
A business that is separate from the people that own it and legally acts as a single person.
Corporation
Organizations of workers that seek to improve wages and working conditions and to protect members’ rights.
Labor unions
The process by which representatives of the unions and business try to reach agreement about wages and working conditions.
Collective bargaining
To refuse to buy a certain company’s or country’s products.
Boycott
When workers refuse to work unless employers meet certain demands.
Strike
income earned by a business minus the cost of resources.
Profit
What affects the demand for products
Advertising,styles of fashion,popularity of brand
Our free market economy depend on a circular flow of
Goods and services, money and labor
Corporations sell stocks in order to
Raise large amounts of money.
Why is labor different from other factors of production
Workers care about wages and working conditions
Which was the primary cause of the rise of labor unions
Workers had little power over wages and working condition.
Wage laborers in the 1800s suffered because of
low wages,boring and dangerous jobs, long work days.
What are the things that labor unions are concerned about improving
Wages,working conditions, right of members.
