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69 Cards in this Set
- Front
- Back
labor union
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organization that works for its members interests concerning pay, working hours, healthcare, benefits and other job related matters.
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craft union
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labor union whose workers perform the same kind of work; same as a trade union
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industrial union
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labor union whose workers perform different kinds of work
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closed shop
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illeagal arrengement under which workers must join a union before they are hired.
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agency shop
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arrengement under which non inion members must pay union dues.
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collective bargaining
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process of negotiation between union and management representatives over pay, benefits, and job related matters.
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division of labor
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division of work into a number of seperate tasks to be performed by different workers; same as specialization.
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minimum wage `
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lowest legal wage that can be paid to most workers.
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price floor
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lowest legal price that can be charged for a product
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price ceiling
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maximum legal price that can be charged for a product.
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GDP
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dollar value of all final good service and structures produced within a country's borders during a one year period.
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Inflation
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rise in the general level of prices.
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opportunity cost
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cost of the next best alternative use of money time or resources when one choice is made rather than another.
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price
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monetary value of a product as established by supply and demand
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macroeconomics
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that part of economic theory dealing with the economy as a whole and decision making by large units such as government and unions.
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federal reserve system
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privately owned , publicaly controlled , central bank of the united states.
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microeconomics
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branch of economic theory that deals with behavior and decision making by small units such as individual firms.
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economic system
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organized way a society provides for the wants and needs of its people.
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traditional economy
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economic system in which the allocation of scarce resources and other economic activity is the result of ritual habit or custom.
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command economy
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economic system characterized by a central authority that makes most of the major economic decisions.
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GDP
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dollar value of all final good service and structures produced within a country's borders during a one year period.
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Inflation
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rise in the general level of prices.
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opportunity cost
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cost of the next best alternative use of money time or resources when one choice is made rather than another.
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price
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monetary value of a product as established by supply and demand
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macroeconomics
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that part of economic theory dealing with the economy as a whole and decision making by large units such as government and unions.
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federal reserve system
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privately owned , publicaly controlled , central bank of the united states.
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microeconomics
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branch of economic theory that deals with behavior and decision making by small units such as individual firms.
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economic system
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organized way a society provides for the wants and needs of its people.
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traditional economy
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economic system in which the allocation of scarce resources and other economic activity is the result of ritual habit or custom.
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command economy
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economic system characterized by a central authority that makes most of the major economic decisions.
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market economy
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economic system in which supply and demand and the price system help people make decisions and allocate resources , same as free enterprise economy
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socialism
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economic system in which government owns some factors of production and has a role in determining what and how goods are produced.
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demand
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combination of desire, ability and willingness to buy a product.
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demand curve
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a graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time.
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demand elasticity
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the extent to which a change in price causes change in the quantity demanded.
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supply
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the amount of a product that would be offered for sale at all possible prices that could prevail in the market.
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supply curve
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a graph showing the various quantities supplied at each and every price that might prevail in the market.
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economic growth
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sustained period during which a national total output of goods and services increases.
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functions of money
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medium of exchange, measure of value, store of value,(commodity money may have use as another good) (fiat money is money by gov decree)
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characteristics of money
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portable, durable, divisable and in limited supply.
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public good
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an economic product that is consumed collectively; highways and national defense police and fire protection.
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monopoly
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market structure chracterized by a single producer ; a characteristic of imperfect competition.
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geographic monopoly
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a market situation where a firm has a monopoly because of its location or the small size of the market.
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natural monopoly
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a market where average costs are lowest when all output is produced by a single firm
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technological monopoly
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market situation where a firm has a monopoly because it owns or controls a manufacturing method process or other scientific advance.
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government monopoly
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monopoly created and or owned by the government.
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entrepreneur
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risk taking individual in search of profits, one of four factors of production.
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human capital
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sum of peoples skills abilities, health and motivation .
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structural unemployment
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unemployment caused by a fundamental change in the economy that reduces the demand for some workers.
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corporations
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form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual including the right to buy and sell property enter into contract and sue or be sued.
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perfect competition
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market structure characterized by a large number of well informed independent buyers and sellers who exchange identical products.
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oligopoly
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market structures in which a few large sellers dominate and have the ability to affect prices in the industry, form of imperfect competition.
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monopolistic competition
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market structure having all conditions of pure competition except for identical products , it is a form of imperfect competition.
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voluntary exchange
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act of buyers and sellers freely and willingly engaging in market transactions, characteristic of capitalism and free enterprise.
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mixed economy or modified private enterprise economy
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people carry on their economic affairs freely but are subject to some government intervention and regulation.
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sole propprietorship
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a business owned and run by one person.
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partnership
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is a business jointly owned by two or more persons.
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corporation
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a form of business organization recognized by law as a separate legal entity having all the rights of an individual.
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limited partnership
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limited partners have limited liability, the investors have liability also.
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charter
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a government document that gives permission to create a corporation.
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common stock
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represents basic owndership of the corpoartion , one vote per share.
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horizontal merger
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combination of two or more firms producing the same kind of product.
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conglomerate
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a firm with four or more businesses making unrelated products , with no single business responsible for the majority of its sales.
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multinational
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corporation producing and selling without regard to national boundaries and whose business activities are located in several different countries.
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non profit organization
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economics instituion that operates like a business but does not seek financial gain.
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production possibilities frontier
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diagram representing miximum combinations of goods and services an economy can produce when all productive resources are fully employed.
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scarcity
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fundamental economic problem facing all societies that results from a combination of scarce resources and peoples virtually unlimited wants.
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factors of production
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productive resources that make up the four categories of LAND CAPITAL LABOR and ENTREPENEURSHIP
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marginal utility
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satisfaction or usefullnessobtained from acquiring one more unit of a product.
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