Civics Chapter 12

Question 0

Demand

Answer 0

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

Question 1

Interest

Answer 1

Payment for use of capital

Question 2

Supply

Answer 2

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

Question 3

Market price

Answer 3

Price at which buyers and sellers agree to trade

Question 4

Entrepreneur

Answer 4

Person who starts a business

Question 5

Sole proprietorship

Answer 5

Business owned by an individual

Question 6

Partnership

Answer 6

Business in which two or more people share ownership

Question 7

Corporation

Answer 7

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

Question 8

Labor unions

Answer 8

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

Question 9

Collective bargaining

Answer 9

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

Question 10

Boycott

Answer 10

Refuse to buy

Question 11

Strike

Answer 11

Workers refuse to work unless employers meet certain demands