Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
30 Cards in this Set
- Front
- Back
|
Consumer goods
|
Economic products designed to satisfy people's wants and needs are called _______________.
|
|
|
The ____________ of a CD player can be expressed in dollars and cents.
|
Value
|
|
|
Services
|
Haircuts, repairs to home appliances, and entertainment are examples of ________________.
|
|
|
___________________ arises because society does not have enough resources to produce all the things people would like to have
|
Scarcity
|
|
|
Opportunity Cost
|
The ________________ of going to a football game instead of working would include the money not earned at your job.
|
|
|
_____________________ is another name for the capacity of a product to be useful.
|
utility
|
|
|
Land, Capital, labor, and entreoreneurs are __________________.
|
factors of production.
|
|
|
People who use goods and services to satisfy their wante and need are called ___________________.
|
consumers
|
|
|
Consumer Sovereignty
|
the idea that people rule the market.
|
|
|
economic system
|
a society's organized way of providing for its people's wants and needs
|
|
|
profit motive
|
the driving force that encourages people and organizations to try to improve their material well-being.
|
|
|
traditional economy
|
an ecnomic system in which ritual, habit and custom dictate most economic decisions.
|
|
|
Sole Proprietorship
|
amall, easy to manage enterprise owned by one person.
|
|
|
Partnership
|
owned by two or more persons.
|
|
|
Corporations
|
owned by shareholders who vote to elect the board of directors.
|
|
|
limited liability
|
Shareholders are not liable for the actions or debts of the corporations.
|
|
|
conglomerate
|
large firm that has at least four different businesses, none of which is responsible for a majority of sales.
|
|
|
multinational
|
ordinary corporation.
|
|
|
cooperative
|
one of the major non-profit organizations.
|
|
|
fixed cost
|
a production cost that does not change as total business output changes.
|
|
|
depreciation
|
the gradual wearing out of capital goods.
|
|
|
total product
|
total output produced by a firm
|
|
|
trusts
|
monopoly
|
|
|
closed shop
|
requires that employers hire only union members selected by the union.
|
|
|
unions shop
|
requires that an employee join the union after being hired.
|
|
|
lockout
|
refusal to let the employees work until management demands were met.
|
|
|
boycott
|
a mass refusal to buy products from targeted employers or companies.
|
|
|
strike
|
refuse to work until certain demands are met.
|
|
|
picket
|
parade in front of the employer's business carrying signs about the dispute.
|
|
|
monopoly
|
a market situation whwere the costs of production are minimized by having a single firm produce the product.
|
