Unit 7 Civics/Econ Review

If owners feel that workers' demands are unreasonable, they could impose a

Labor Unions protect workers by negotiating for better

Who gets the final say in what gets made in a free enterprise system?

Method of efficiency that assigns workers to the job they do best.

What process of creating several small jobs is demonstrated in this clip?

Adam Smith believed people would be motivated to work because of ownership of

The most common business run by 1 person (entrepreneur) with unlimited liability

The least common type of business (run by 2 people who face unlimited liability)

What do consumers give to businesses?

What are the positive impacts of competition?

An economic system where decisions are made by individuals AND government is called

All markets in the circular flow model are considered

What impact does efficiency and mass production have on price and profit?

Consumers and producers have freedom to buy and sell in a ___________ economic system

What do anti-trust laws accomplish?

Decisions in a command economy are made by the 

How do mergers impact competition?

What method involves making all items exactly the same?

What do people contribute to the government?

Marx believed that working class could be eliminated by a(n) ________ distribution of property

Utility, low prices, high quality are all goals of __________

When workers earn higher wages...

Laissez Faire economics means that the government plays a ________ role, allowing more freedom

The invisible hand means prices in a market economy will be set by 

What do businesses contribute to households?

What type of job is best demonstrated by this clip?

In free enterprise, the government protects property and encourages

Wages, employment, and benefits are goals of 

Businesses that sell stock, have limited liability, face heavy regulation, double taxation

What term refers to management and employees negotiating the terms of their labor contract?

How does the government benefit producers and consumers?

Decisions in a market economy are made by 

A businesses that controls the entire market is a(n)

How can the government protect intellectual property?

Profit, efficiency, growth are all goals of ___________

Marx = __________ economy; Smith = ________________ economy

What method of efficiency is best demonstrated in this clip?

What type of merger is best reflected in the image?

If workers do not agree to contract terms and refuse to work