Social Studies Flashcards
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
