Vocab 2 Flashcards
Supply
Amount of a product that producers are willing and able to offer at different prices
Demand
Amount of a product or service that buyers are willing and able to buy at different prices
Market price
The price at which buyers and sellers agree to trade
Entrepreneur
A person who starts a business
Sole proprietorship
A business owned by an individual
Partnership
A type of business in which two or more people share ownership
Corporation
A 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 to protect member’s rights
Collective bargaining
The process by which representatives of the unions and business try to reach agreement about wages and working conditions
Boycott
Refuse to buy
Strike
Workers refuse to work unless employers meet certain demands
Profit
A financial benefit that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs and taxes needed to sustain the activity.
Interest
The charge for the privilege of borrowing money, typically expressed as an annual percentage rate
