Term
| business owned by one individual |
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Definition
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| business owned by two or more people |
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| identifies how the profits and losses are split, how to add new partners, and what role each partner plays |
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| business that is recognized by law as if it were an individual |
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| how does a corporation start |
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| institutions include churches, hospitals, and social service agencies |
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Term
| a voluntary association of people formed to carry on some kind of economic activity that will benefit its members |
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| association of workers organized to improve wages and working conditions |
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| type of labor union where works who perform the same skills |
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| union that brings together different types of workers from same industry |
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Term
| a worker had to join a union to be hired by a company |
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| allows companies to hire anyone as long as they join union shortly after starting work |
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Term
| laws forbidding unions from forcing workers to join |
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Term
| process by which unions and employers negotiate conditions of employment |
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Term
| situation in which union and company officials bring in a third party to try to help them reach an agreement |
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| situation in which union and company officials submit the issues they cannot agree on to a third party for a final decision |
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Term
| when workers deliberately stop working in order to force an employer to give in to their demands |
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| non union authorized strike |
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Term
| legal order of a court preventing some activity |
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Term
| 4 people businesses have responsibilities for |
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Definition
consumers
owners
employees
communities |
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Term
| process of making business deals more visible to everyone |
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Definition
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Term
| unfair treatment based on prejudice against a certain group |
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| obligation a business has to pursue goals that benefit society as well as themselves |
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Term
| goods that when consumed, cannot be consumed by someone else |
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Term
| goods that can be consumed by other people |
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Term
| the unintended side effect of an action that affects someone not involved in the action |
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| sole provider of good or service |
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Term
| legislation to prevent new monopolies from forming and police those that already exist |
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Term
| a combination of two or more comapnies to form a single business |
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Term
| a market situation in which the costs of production are minimized by having a single firm produce the product |
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Term
| domination of a certain market by a few providers |
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Term
| deals with problems such as false advertising and product claims |
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Term
| recalls products that pose a safety hazard |
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Definition
| consumer product safety commission |
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Term
| alternating periods of growth and decline that the economy goes through |
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Term
| all civilians 16 or older who are either working or are looking for work |
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Term
| percentage of people in civilian labor force who are not working but are looking for jobs |
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Term
| federal government's use of spending and taxation policies to affect overall business activity |
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Term
| money given by the government to help out someone until they can find a job |
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Term
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Definition
unemployment benefits
progressive taxes |
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Term
| sustained increase in general level of prices |
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Term
| measure of change in price over time of a specific group of goods and services |
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Term
| programs that require welfare recipients to exchange some of their labor in return for benefits |
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Term
| the money needed to run a business or enable it to grow larger |
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Term
| government document granting permission to organize |
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Term
| shows an economy's production after the distortions of price increases have been removed |
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Term
| gives tax credit and cash payments to qualified workers |
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Term
| people are excluded from using a private good unless you pay for it |
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Term
| not excluded from using it even if you don't pay for it |
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Term
| workers who have been laid off because their job exists only during certain parts of each year |
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| workers who have lost their jobs because of a recession or downturn in the economy |
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Term
| workers whose skills are no longer needed |
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| workers who have given up looking for a job |
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| workers who are between jobs |
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