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a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk. |
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the natural wealth of a country, consisting of land, forests, mineral deposits, water, etc. |
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productive activity, especially for the sake of economic gain. |
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| material wealth owned by an individual or business enterprise |
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| Limited supply of resources. Forces all consumers and countries to make economic choices. It causes all of us to decide what goods & services we will make or buy. |
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| There is a direct relationship between the price of a product and its deman. The higher the price, the higher the supply of the product. The lower the price, the lower the supply of the product. |
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| Money used to produce goods & services |
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| the tools buildings and machines needed to make goods and to provide services. |
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| when businesses retrain or further eudcate workes to make them more productive. |
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| a method of production in which each worker does just one part of the job. Helps manafacturers produce large quanities of good more quickly & cheaple. Labor is important becasue workers make goods or provide services & also they earn money that they use to buy other goods & sevices. This produces jobs & money for other workes. |
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| larger & larger companies are able to produce and sale good more cheaply |
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| the total amount of money a business makes |
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| the money that remains after all bills and expenses have been paid |
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| the reason anyone goes into business. To make more moeny that it costs to stay in business. This drives the American economy and makes it the largest in the world |
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| getting good to consumers |
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| a business that buys goods from a manafacturer and then sells those goods to retailers |
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| sell directly to the public |
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| an economy in which people supply the goods they need by methods passed down through generations |
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| the governtment makes all the economic decisions it decides what prodcuts to make, how many to makes, how to make them, and who gets them |
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| individual consumers make basic economic decisions according to the principles of supply & demand. People are free to by, sell, & produce whatever the want, whenever they want, & the way they want. Also known as capitalism. |
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| an economisc system in which individuals are free to own businesses, and compeitition helps determins prices. Individuals may own their own property |
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| helps to determine prices |
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| a business that one person owns. Usually a small business |
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a share of ownership in a company. When a person buys shares in a company, he/she is investing in the company. They are gambling that the company will make a profit for them. Businesses take they money from the sale of stock to improve their products. The sale of stock by companies is one of the driving factors that make the US economy the strongest in the world
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| a share of a corporation that pays its owner a divident if the corporation makes a profit. Paid before preferred stock holders, more risky stock, more return. |
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| a share of the profit paid to the stockholders of a corporation |
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a note from the government or a corporation promising to repay money with interest by a certain date
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| the ups and downs of the economy. phase 1- economy is improving business acitivity is increasing. phase 2- business has peaked and goods are selling at record amounts. phase 3- slow down from phase 2. phase 4- business is at its lowest point--recession/depression. |
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the way the government taxes citizens and spends money. The government should tax more when the economy is doing well and tax less when it is not. The government should spend more when the economy is in a recession and less when it is prosperous.
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| the way the government regulates the amount of money in circulation . The federal reserve acts as a bank for banks. It can raise or low its interest rates to commercial banks. When they are short on money to lend and have to raise interest rates it slows down the economy. This cuts down on inflation. To stimulate the economy they can lower interest rates. |
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index of key statistics showing the direction of the economy. Among them are the unemployement rate, inflation rate, factory utilization rate, and balance of trade, GDP/ The index is made up of 11 measurements of economic activity that tend to change direction long before the ovrall economy does.
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| the total value in dollars of all the final goods and services produced within the nation in a year. It is a economic indicators. |
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| a general rise in the prices of goods and servise. Too much money in circulation, not enough goods and services. |
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| the economic approach in which governemtn does not interfere with business. That means no minimum wage or safety standards. |
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| one company has total control of the total supply of a good or service. The sherman Antitrust act-outlawed monopolies and trusts. |
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| a joining of 2 companies to form a larger one. |
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| several seperate companies that are run by one board of directors. |
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| a company formed by a merger of companies that supply a variety of different goods and services |
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the removal of government regulations or control to increase competition.
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| workers not only produce goods and services, but also use their wages to buy the goods and services that are available. |
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an organization of workers that tries to improve the working conditions and wages of its members. Unions were created because of the low wages, poor, and dangerous working conditions, and long hours of work
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negotiations between business owners and labor unions about conditions and terms of employment.
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| a refusal to work until an employer meets certain conditions. |
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| a list of names of striking workers. This is passed to other businesses so that they will not hire workers. |
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| National Labor relations act |
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| guaranteed the right of all workers to join a union |
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banned closed shops
outlawed featherbedding |
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| laws that allow any worker to join a union at their place of work. |
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| a way of settling disputes in which a 3rd pary listens to both sides and then suggests a solution. |
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| settling a dispute by agreeing to accept a third party's decision |
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| property used as a guarantee that a loan will be repaid. |
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| created to stop massive bank failures. |
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| expenses that are the same from month to month |
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| expenses that vary from month to month |
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| the original amount of money that was borrowed and on which interest is paid |
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| a type of investment that protects a policyholder agaisnt unpredictable loss, illness, or injury |
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| a payment made to an insurance company for coverage. |
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