Civics and Economics Ch 14: Basics of our Economic System

A corporation can have debts, hire workers, and make profits because

T or F:  Workers formed labor unions to help improve wages and working conditions.

Buying more of a product because the price is low demonstrates 

Which has grown in importance in the last few decades?

Which type of business can produce goods and services most efficiently?

The payment for the use of capital

T or F:  During a strike workers stay on the job, but work more slowly?

T or F:  Unions sometimes urge their members and the public to boycott a product 

A business owned by an individual is a 

A person who starts a business

An agreement about wages and working conditions is a part of a process called

Which type of business has the most risk for it's owner?

The amount of a product that producers are willing and able to offer at different prices.

Stop working unless employers meet certain demands

The American economy is based on a circular flow of 

Which is not something that labor unions are concerned about improving?

The price at which buyers and sellers agree to trade.

To refuse to buy a product is to

Someone who has a new idea and raises money to start a business is called 

A type of business in which two or more people share ownership.